Full text of Committee on the History of the Federal Reserve System : Material : Kansas City Bank (1954-1956), Entry 168, Box 4, Folder 6

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FEDERAL RESERVE BANK OF KANSAS mfY
ORGANIZATION CHART

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM

BOARD OF DIRECTORS
TENTH DISTRICT
CHAIRMAN - RAYMOND W. HALL

FEDERAL RESERVE
AGENT

AUDITING
COMMITTEE

SALARY
COMMITTEE

EXECUTIVE
COMMITTEE

DISCOUNT
COMMITTEE

RAYMOND W. HALL

THREE DIRECTORS

THREE BIRECTORS

THREE DIRECTORS

PRES. t V.P.'S

BRANCH BOARD
OF DIRECTORS

VICE PRESIDENT

R. L. MATHES

P. A. D E B U S

PRESIDENT
H. 6. LEEDY

GENERAL
AUDITOR

BRANCH BOARD
OF DIRECTORS

C.L. BOLLINSER

FIRST VICE PRESIDENT
HENRY 0. KOPPANG

VICE PRESIDENT
£ GEN. COUNSEL

VICE PRESIDENT

D. W. WOOLLEY

C L A R E N C E W. TOW

(VACANCY)

"J"

LEGAL
BOARD REGULATIONS
ABD IBTERFREIATIOBS
OFERATIBG LETTERS
DIRECTORS1 ASD
COKKtTTEE RECORDS
INSURANCE
F. R. STOCK ISSQE3

ASSISTABT FEDERAL
RESERVE AGENT7 . J . Mrtheva
ALTERKAIE ASSISTABT
F . R. AGEBTSW. E . W h l t s l t t
J. B. Blair
K. B . S e l f
FEDERAL RESERVE AGERTS
REPRESENTATIVES>H. B . F l e b e r
C. T . Boeder
OKLABOMA CITYL . G. Cox
E. P. Farley
OMAHA- C . C . T o ' l a n d e r
R. J . Cunnlnghat

BARE EXAMIHATIOH3
BARK RELAHCBS

RESEARCH
STATISTICS
FUBLICATICBS
LIBRARY

VICE PRESIDENT
$ CASHIER

VICE PRESIDENT
E. D. VANDERHOOF

J O H N T. B O Y S E N
I
ACCOUNTING
BUDGETS
PLANNING
DISCOUNTS AND LOANS
EMERGENCY OPERATIONS
WIRE TRANSFERS ABD
TELEGRAPH
FEDERAL TAXES
FILES AND RECORDS

ASSISTANT
VICE PRESIDENT

CECIL

PUCKETT

DENVER BRANCH
FISCAL AGENCY PUBLIC
DEBT ACTIVITIES

ASSISTANT
VICE PRESIDENT

E.U. SHERMAN

VICE PRESIDENT

F. H. LARSON

ASSISTANT
VICE PRESIDENT
C.A.

CRAVENS

CASHIERH. L . S t e n g e l
ASSISTANT CASBTEBH. G. Duck
ASSISTANT CASHTEBJ . R . Zahourex

OKLABOMA CITY BRANCH
CASHIER.
F . V. Alexander
ASSISTANT CASHIERF . R. F r i t z
ASSISTABT CA3HIER-

r. c. s-w-w. r

OMAHA BRANCH
CASHTEB-

H. W. Fritz
ASSISTABT CAbUlKHW. P. Doran
ASSISTABT CASHIERV. L. Flslse

ASSISTANT
VICE PRESIDENT
J. S. HANPFORP _

CHIEF EXAMINER

ASST. CASHIER

L.F. HILLS

CE0R6E C. RANKIN

J. C. C R A I S

J. T. WHITE

JOSEPH R. EUANS

BAHK EXAMHATICaS
REGULATION T
HEGULATIOS U

BARK RELATIOH3

BARK RELATIONS

CURRENCY REDEMPTION
VAULT CUSTODIANS
GOVERNMENT COUPONS
PURCHASING, PRINTING,
AND SUPPLIES
EQUIPMENT REPAIRS

CURRENCY ABD COIN
SECURITIES CUSTODY
PURCHASE AND SALS
OF SECURITIES

CHECK COLLECTIONS
NONCASH COLLECTIONS
GOVERNMENT CEECKS
POSTAL MONEY ORDERS

PAYROLL
MEDICAL
1ABULATHG OBIT

BUILDING
GUARDS
DINING ROOMS
M A I L ABD I-J.JH !.<:«;

TREASURY ISSUES,
REDEMPTIONS, AND
EXCHANGES
SAVINGS BOND ISSUES;
REDEMPTIONS, ABD
EXCSABGES
TREASURY TAX ABD
LOSS ACCOUNTS
COMMODITY CREDIT
CORPORATION

FEBRUARY I, 1956

*•* • » £%

•a V ^ ^

DENVER
BRANCH
U t J N V i . K I5KAIM(J±i
F E D E R A L RESERVE BANK OF KANSAS CITY
ORGANIZATION CHART

r-.l C

83^
BOARD OF D I R E C T O R S
DENVER BRANCH

-WW*******®

DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)
VICE

General Supervision
Over Branch
Operations
Bank Relations
Discounts and Loans

ASSISTANT CASHIER
Hubert G. Duck

I
Check Collections
Noncash Collections
Government Checks
Accounting
Disbursements
Ifember Bank Reserves
Mail and Express
Purchasing - Supplies
Telephone - Telegraph
Equipment Repairs
Planning

PRESIDENT
Cecil Puckett

CASHIER
H. L. Stempel

Currency and Coin
Government Coupons
Personnel
Payroll
Building
Guards

ASSISTANT CASHIER
J. R. Zahourek
'" '
Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Securities Custody
Dining Room
Commodity Credit Corp.
Files and Records

JANUARY 30,

1956

C
€
P
oia

tu hearth

OKLAHOMA CITY BRANCH
F E D E R A L R E S E R V E BANK O F KANSAS CITY

€I3V!303£f

ORGANIZATION CHART
BOARD OF D I R E C T O R S
OKLAHOMA CITY BRANCH

MOTTO* 387 «2

zmtutmo

DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)

*Q¥8m a*R9S3$» JLtfr&m
VICE
PRESIDENT
R. L . Mathes

General Supervision
Over Branch
Operations
Bank Relations
Discounts and Loans

ASSISTANT CASHIER
F. C. Schmocker
I
Check Collections
Government Checks
Personnel
Payroll
Disbursements
Purchasing - Supplies
Building
Equipment Repairs
Telephone - Telegraph
Ifeil and Express
P i l e s and Records

CAS HIER
F. W. Alexander

Accounting
Member Bank Reserves
Currency and Coin
Securities Custody
Government Coupons
Guards
Planning

ASSISTANT CASHIER
F. R. Fritz

X
Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Noncash Collections
Commodity Credit Corp.
Dining Room

JANUARY 30,

1956

OMAHA BRANCH
F E D E R A L R E S E R V E BANK O F KANSAS CITY
ORGANIZATION CHART

C$3 V I 3 O H &
BOARD

DIRECTORS

OMAHA BRANCH
DISCOUNT COMMITTEE
(Vice P r e s i d e n t , C a s h i e r ,
and one D i r e c t o r )

#3Tevs 3VRas3» M s a w t
VICE PRESIDEN T
P. A. Debus

General Supervision
Over Branch
Operations
Discounts and Loans
Personnel
Bank R e l a t i o n s

ASSISTANT CASHIER
W. L. Pleiss

T
Check Collections
Government Checks
Postal Money Orders
Noncash Collections
Mail and Express
Payroll
Building

CASHIER
H. W. P r i t z

Accounting
M=mber Bank Reserves
Disbursements
Currency and Coin
Purchasing - Supplies
Equipment Repairs
Planning
Dining Room

ASSISTANT CASHIER
W. P. Doran

Treasury Issues
Redemptions, and
Exchanges
Savings Bond Issues
Redemptions, and
Exchanges
Securities Custody
Commodity Credit Corp,
Government Coupons
Guards
Telephone - Telegraph
Files and Records

J A N U A R Y 30,

1956

FEDERAL RESERVE BANK OF KANSA^IITY
ORGANIZATION CHART

BOARD OP GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM

BOARD OF DIRECTORS
FEDERAL RESERVE
AGENT
RAYMOND W , . H A L L

TENTH
CHAIRMAN

AUDITING
COMMITTEE
THREE DIRECTORS

SALARY
COMMITTEE

EXECUTIVE
COMMITTEE

THREE DIRECTORS

OISTRICT
RAYMOND « .

HALL

DISCOUNT
COMMITTEE
PRES. (

BRANCH BOARD
OF DIRECTORS

VICE PRESIDENT

E. 0 . VANOERHOOP

C. A . S R E f O R Y

R. L . M A T H E R

V.P.'S

PRESIDENT
H. 0 .

GENERAL
AUDITOR

LEEOY

C . L . ROLLINRCR

FIRST VICE PRESIDENT
HENRY 0. K0PPAN6

VICE PRESIDENT
& CEN. COUNSEL
( VACANCY)

VICE PRESIDENT
D. W. W O O L L E T

VICE PRESIDENT
a CASHIER

VICE PRESIDENT
C L A R E N C E V . TOW

JOHN T . B O Y S E N

X.
LEGAL
BOARS REOULATIOIS
AID UTERFRETATIOIS
OFERATUG LETTERS
DIRECTORS' AKD
COMMITTEE RECORDS
TB3URARCX
T. S. STOCK ISSUES

ASSI3TA]rf FEDERAL
RESERVE AcarrP. J. Hatbeva
ALXEOATI ASSIStAIT
F. R. AGEIT3V. X. Nbltsitt
J. I. Blair
K. B. Self
FEDERAL RESERVE ACER'S
HEFRE3ERTATIVESDEBYEB-H. B. Fisher
C. I. Roeder
OKLAHOMA. CITYL. 0. Cox
E. P. Farley
OMAHA- E. 0. Stratar
C. C. Toll-\n\rv

DEHYER BRABCH

ACCOORTIHG
BANC EXAHHATraiS
BAHK RELATICHS

RESEARCH
STATISTICS
FOBLICATIOHS
LIBRART

PLAH1ITJIG
DISC0TJHT3 AKD LOABS
WIRE TRAHSFERS AKD
TELEGRAPH
FEDERAL TAXES
TILES AHTJ RECORDS

ASST. CASHIER

i . r. H I L L S

OMAHA BRABCH
CASHIERU. S. Berry
\SSISTAIT CASHIERu. F. Doran
ASSISTAIT CASHIERU. L. FLelse

r. H . L A R S O N

SHERMAN

CHIEF EXAMINER

OKLAHOMA CTTf ERAHCH
CASHTERF. V. Alexander
ASSISTA5T CASHIERP. R. Friti
ASSISTAIT CASHIERF. C. Schmocker

ASSISTANT
VICE PRESIDENT

ASSISTANT
VICE PRESIDENT
E.U.

FISCAL AGEXCT PUBLIC
DEBT ACTIVITIES

CASHIERH. L . Stempel
ASSISTAIT CASHIERH. G. Duck
ASSISTAIT CASHERH. V . F r l t l

P. A . OEBOS

J . C.

CRAI8

ASST. CASHIER

4. T. W H I T E

C A. CRAVENS

J . S . HANOFORD

JOSEPH R. C U A N S

BAK EXAXTIATI0H3
REGULATION T
REBULATIOH U

BAIX RELATIONS

CURREBCT KEDEMPTIOR
VAULT CUSTODIANS
GOVERtfKGirr C0UPOS3
PURCHASIIG, F R O T H S ,
AID SUFTLIE3
EqUIPMEHT REPAIRS

uuHjujci AID con
SECURITIES CUSTODY
PURCHASE AID SALE
OF SECURITIES

BUILDIIO
GUARDS
Dnrnco ROOMS
MAIL AID EXPRESS
TELEPB0IE3

CHECK COLLGCTIOIS
IORCASH COLLECTIOIIS
10YERIK5BT CHECKS
POSTAL MOBET ORDERS

FAIROLL
MEDICAL
TABULATUG OTIT

TREASURY ISSUES,
REDEMFTI0I3, AKD
EXCHAIGES
SAVUGS BOKD ISSUES,
REDEMPTIONS, AID
EXCHAIGES
TREASURY TAX AID
LOAS ACC0UOT5
COMMODITY CREDIT
CORPORATION

MAY 2 . 1955

FEDERAL

DENVER BRANCH
RESERVE BANK OF KANSAS
ORGANIZATION

IP
CITY

CHART

BOARD OF DIRECTORS
DENVER BRANCH
DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)

VICE
PRESIDENT
G. A. Gregory

General Supervision
Over Branch
Operations
Bank Relations
Discounts and Loans

ASSISTANT CASHIER
Hubert G. Duck
I
Check Collections
Noncash Collections
Government Checks
Accounting
Disbursements
Member Bank Reserves
Mail and Express
Purchasing - Supplies
Telephone - Telegraph
Equipment Repairs

CAS HIER
H. L. Stempel

Currency and Coin
Government Coupons
Personnel
Payroll
Building
Guards

ASSISTANT CASHIER
H. W. Pritz
Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Securities Custody
Dining Rooms
Commodity Credit Corp,
Files and Records
Planning

MAY 2, 1955

OKLAHOMA CITY BRANCHFEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION

CHART

BOARD
OF D I R E C T O R S
OKLAHOMA CITY BRANCH
DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)
VICE
PRESIDENT
R. L . Mathes

General Supervision
Over Branch
Operations
Bank Relations
Discounts and Loans

ASSISTANT CASHIER
F. C. Schmocker

Check Collections
Government Checks
Personnel
Payroll
Disbursements
Purchasing - Supplies
Dining Room
Building
Equipment Repairs
Telephone - Telegraph
Mail and Express
Files and Records

CAS HIER
F. W. Alexander

Accounting
Member Bank Reserves
Currency and Coin
Securities Custody
Government Coupons
Guards
Planning

ASSISTANT CASHIER
F. R. Fritz
I

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Noncash Collections
Commodity Credit Corp.

MAY 2 , 1955

OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION
BOARD

OF
OMAHA

CHART

DIRECTORS
BRANCH
DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)

VICE
PRESIDENT
P. A. Debus

General Supervision
Over Branch
Operations
Discounts and Loans
Personnel
Bank Relations

ASSISTANT CASHIER
W. L. Pleiss

T
Check Collections
Government Checks
Postal Money Orders
Noncash Collections
Mail and Express
Payroll
Building

C A S HIE R
U. S. Berry

Accounting
Member Bank Reserves
Disbursements
Currency and Coin
Purchasing - Supplies
Equipment Repairs

ASSISTANT CASHIER
W. P. Doran

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues
Redemptions, and
Exchanges
Securities Custody
Commodity Credit Corp.
Government Coupons
Guards
Telephone - Telegraph
Files and Records
Planning

MAY 2, 1955

FEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION

CHART

BOARD OF GOVERNORS
OF THE
FEDERAL RESERVE SYSTEM

BOARD
FEDERAL RESERVE
AGENT
RAYMOND W. HALL

OF DIRECTORS

TENTH
CHAIRMAN

AUDITING
COMMITTEE

SALARY
COMMITTEE

THREE DIRECTORS

EXECUTIVE
COMMITTEE

DISCOUNT
COMMITTEE

THREE DIRECTORS

PRES. j V.P'S

DISTRICT
RAYMOND W. HALL

BRANCH BOARD
OF DIRECTORS

PRESIDENT
H. C. LEEDY

GENERAL
AUDITOR
C. L. B0LLIN8ER

FIRST VICE PRESIDENT
HENRY O. KOPPANG

VICE PRESIDENT
a GEN. COUNSEL
(VACANCY)

VICE PRESIDENT

D. W. WOOLLEY

CLARENCE W. TOW

E. D. VANDERHOOF

6. A. GREGORY

R. L. MATHES

P. A. DEBUS

nz
LEGAL
BOARD REGULATIONS
AND INTHUHmTIONS

OPERATING Lt.ilma
DIRECTORS" AND
COMMITTEE RECORDS
INSURANCE
F. R. STOCK ISSUES

DENVER BRANCH
BAN! EXAMINATIONS
BANK RELATIONS

CASHIERSTATISTICS
PUBLICATIONS

FISCAL AGENCT PUBLIC
DEBT ACTIVITIES

Llama

R. L. Stwqxl
ASSISTANT CASKIERH. 0. Duck
ASSISTANT CASHIER.
H. K. P r l t l

OKLAHOMA CITT BRANCH
CASHIEIU
P. W. U«xmod*r
ASSISTANT CASHERP. B. P r l t l
ASSISTANT CASHHKP. C. S c h a o e l n r

OMAHA BRANCH
CASHIBU
U. S . B«rr7
ASSISTANT CASHIEtV . P . Doran
ASSISTANT CASKIBU

W. L. P l . l M

CASHIER
JOHN T. BOYSEN

ASSISTANT
VICE PRESIDENT

E.U. SHERMAN
ASSISTANT FEDERAL
RESERVE AGENTP. T . N j i o n i
ALTERNATE ASSISTANT
P. R. AGENTSJ . C . Crmlj
P. J . M t t h m
I. B . 3*11
FEDERAL RESERVE AGENTS
REPRESENTATIVE3DINVIS- H. B. F l . h . r
OKLAHOMA c u r .

L. C. Cox
I . 0. S t r w t . r

CHIEF EXAMINER
L. F. MILLS

F. H. LARSON

ASST. CASHIER

J. T. WHITE

C. A. CRAVENS

J. S. H A N D F O R D

JOSEPH R. EUANS

BUILDING
GUARDS
BAH EXAMDUTIOIIS
REGULATION T
REGULATION a

BANK RELATIONS

TELEGRAPH
D i m e R00M5
EQUIPMEHT REPAIRS
PURCHASING, PBXRTXK,
AND SUPPLIES
KAIL AND EXPRESS

ACOOQVTING
PLIMHC
DTSCCORS AND LOANS
SPECIAL ASSIGNMENTS
PILES AND RECORDS
KHX TRANSFERS
npBULTAXE3
L'UfllllW.r REDEMPTION
TADLT CDSTODIANS

CURRENCY AND COIN
SECURITIES CUSTODY
PURCHASE AND SALE
OP SECURITIES
GOVERNMENT COUPONS

CHECK COLLECTIONS
NONCASH COLLECTIONS
GOVERNMENT CHECKS
POSTAL MONET ORDERS

PAIBOLL
MEDICAL
TABULATINO UNIT

TREASURY ISSUES,
REDEMPTIONS, AID
EXCHANGES
SAVINGS BOND ISSUES,
REDEMPTIONS, AND
EXCHANGES
TREASURTTAX AND
LOAN ACCOUNTS
CCMODITT CREDIT
CORPORATION

JUNE 7, 1954

FEDERAL

DENVER BRANCH
RESERVE BANK OF KANSAS
ORGANIZATION

CITY

CHART

BOARD
OF D I R E C T O R S
DENVER BRANCH

DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)
VICE
PRESIDENT
G. A. Gregory-

General Supervision
Over Branch
Operations
Bank Relations
Discounts and Loans

CASHIER
H. L . Stempel

Currency and Coin
Government Coupons
Personnel
Payroll
Building
Guards

ASSISTANT CASHIER
Hubert G. Duck
I

ASSISTANT CASHIER
H. W. Pritz

Check Collections
Noncash Collections
Government Checks
Accounting
Disbursements
Member Bank Reserves
Mail apd Express
Purchasing - Supplies
Telephone - Telegraph
Equipment Repairs

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Securities Custody
Dining Rooms
Commodity Credit Corp.
Files and Records

JUNE

7, 1 9 5 4

OKLAHOMA CITY BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION

CHART

BOARD
OF D I R E C T O R S
OKLAHOMA CITY BRANCH
DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)
VICE
PRESIDENT
R. L . Mathes

General Supervision
Over Branch
Operations
Bank Relations
Discounts and Loans

ASSISTANT CASHIER
F. C. Schmocker
I
Check Collections
Government Checks
Personnel
Payroll
Disbursements
Purchasing - Supplies
Dining Room
Building
Equipment Repairs
Telephone - Telegraph
Mail and Express
Files and Records

CAS HIER
F. W. Alexander

Accounting
Member Bank Reserves
Currency and Coin
Securities Custody
Government Coupons
Guards

ASSISTANT CASHIER
F. R. Fritz

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Noncash Collections
Commodity Credit Corp.

JUNE

7, 1954

FEDERAL

OMAHA BRANCH
RESERVE BANK OF KANSAS CITY
ORGANIZATION
BOARD

CHART

DIRECTORS

OMAHA BRANCH
DISCOUNT COMHTTEE
(Vice President, Cashier,
and one Director)
VICE
PRESIDENT
P . A. Debus

General Supervision
Over Branch
Operations
Discounts and Loans
Personnel
Bank Relations

C A S HIE R
U. S. Berry

Accounting
Member Bank Reserves
Disbursements
Currency and Coin
Purchasing - Supplies
Equipment Repairs

ASSISTANT CASHIER
W. L. Pleiss

ASSISTANT CASHIER
W. P. Doran

Check Collections
Government Checks
Postal Money Orders
Noncash Collections
Mail and Express
Payroll
Building

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues
Redemptions, and
Exchanges
Securities Custody
Commodity Credit Corp,
Government Coupons
Guards
Telephone - Telegraph
Files and Records

AUGUST

16, 1954-

FEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION

BOARD

CHART

GOVERNORS

OF THE
FEDERAL RESERVE

SYSTEM

BOARD OF DIRECTORS
FEDERAL RESERVE
AGENT

TENTH
CHAIRMAN -

RAYMOND W. H A L L

INDUSTRIAL
ADVISORY
COMMITTEE

DISCOUNT
COMMITTEE
PRESIDENT & V.P.'S

DISTRICT
RAYMOND W. HALL

EXECUTIVE
COMMITTEE
THREE

BRANCH BOARD
OF DIRECTORS

DIRECTORS

BRANCH BOARD
OF DIRECTORS

PRESIDENT
H . G.

LEEDY

FIRST VICE PRESIDENT
HENRY

VICE PRESIDENT
ft GEN. COUNSEL
(VACANCY)

VICE PRESIDENT
D. W.

WOOLLEY

VICE PRESIDENT
CLARENCE

VICE PRESIDENT

W. TOW

H. W. E.

in
LEGAL
BOARD REGULATIONS
AND IHTIHPKETATIONS
OPERATING LETTERS
DIRECTORS' AND
COOflTTES RECORDS
INSURANCE
P . R. STOCK ISSUES

S-

KOPPANG

PARK

VICE PRESIDENT

E. D. VANOERHOOF

Q.A.GREGORY

VICE PRESIDENT
R. L.

BANK EXAMINATIONS
BANK RELATIONS

VICE PRESIDENT
L. H.

EARHART

IE
BUILDING
GUARDS
TELEPHONE AND
TELEGRAPH
DINING ROCtB
EQUIPMENT REPAIRS
PURCHASING. PRINTING.
AND SUPPLIES

RESEARCH
STATISTICS
PUBLICATIONS
LIBRART

UATHES

/wt I O T » CT.Tf BRANCH

DENVER BRANCH

FISCAL AOMCT PUBLIC
DEBT ACTIYrrrKS

CASHTKRT. f . AlHantUr
ASSISTANT CASHIEH-

CASHIERH. L . S t e m p e l
ASSISTANT CASHIERH. 0 . Dock
ASSISTANT CASHIEBH. W. P r l t »

T. a. mta
ASSISTANT CASBZXRr . C. sotaaolnr

f i i i m BRANCH
CASHHRP . A . P«bT»
ASSISTANT CA3HIER0 . S. Bwry
ASSISTANT CASHIER-

1. p. Doru

CASHIER
JOHN T.

BOYSEN

ASSISTANT
VICE PRESIDENT

£ . U. SHERMAN
ASSISTANT FEDERAL
RESERVE AGENTH. A l l n d M r f t r
ALTERNATE ASSISTANT
r. R. AGENTSP. Y. Wyaoog
X u a a t l i fi. S « l f
FEDERAL RESERVE AGEBT*S
RKPRXSESTATTYESDENVER- W. B. Tonoc
OKLAHWA CTTTD. I . Cb«a«
OMASA- A. 0 . S M T T

AUDITOR

CHIEF EXAMINER

ASST. CASHIER

C. L . B O L L I N G E R

L. F. HILLS

J . T. W H I T E

HEAD OPPXCE AND
BRANCH AUDITOR)
DEPAR1UENT3

BANT EXA11INATI0K3
REGULATION T
REGULATION U

BANK RELATI0N3
U A H AND EXPRESS

BANE RELATIONS

F. H. L A R S O N

ACCOUNTING
BUDGETS
PLAHNTJO
MSCCCNTS ASP LOANS
SPECIAL ASSIGNMENTS
TILES AND RECORDS
3TRB TRANSFERS
RDXRAL TAXES

CURRENCY AND COIN_
SECURITIES CUSTODY
PURCHASE AND SALE
OF SECURITIES
OOTERNKKNT COUPCRS
VAULT CUSTODIAN

ASST. CASHIER

C A. CRAVENS

J . S . HANOFORO

CHECK COLLECTIONS
NONCASH COLLECTIONS
OOVEHOfERT CHECKS
POSTAL UONST ORDERS

PAYROLL
HKDICAL

TABULATING UNIT

ASST. CASHIER
JOSEPH R. EUANS
TREASURY ISSUES,
REDJMPTIOBS, AND
EXCHANGES
SAYINGS BCBD ISSUES,
RXDEMPTI0B3, AND
EXCHANGES
TREASUBT TAX AND
LOAN ACCOUNTS
C0HU0D1TY CREDIT
C0RP0R4TI0V

MARCH I, 1953

FEDERAL

DENVER BRANCH
RESERVE BANK OF KANSAS
ORGANIZATION
BOARD

CITY

CHART

OF D I R E C T O R S
DENVER BRANCH
DISCOUNT COMMITTEE
(Vice P r e s i d e n t , Cashier,
and one D i r e c t o r )

VICE
G.

General Supervision
over Branch
Operations
Bank Relations

PRESIDENT
Gregory

CAS H I E R
H. L . Stempel

ASSISTANT CASHIER
H. W. Pritz

ASSISTANT CASHIER
Hubert G. Duck

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Securities Custody
Files and Records
Dining Rooms
Commodity Credit
Corporation

Check Collections
Noncash Collections
Government Checks
Accounting
Mail and Express
Purchasing - Supplies
Telephone - Telegraph

Currency and Coin
Discounts and Loans
Personnel - Payroll
Building
Guards

A P R I L 2 3 , 1953

OKLAHOMA CITY BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION

CHART

BOARD OF D I R E C T O R S
OKLAHOMA CITY BRANCH
DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)
VICE
PRESIDENT
R. L. Mathes

General Supervision
over Branch
Operations
Bank Relations
Discounts and Loans

CASHIER
F. W. Alexander

ASSISTANT CASHIER
F. R. Fritz

ASSISTANT CASHIER
F. C. Schmocker
I

I
Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Treasury Tax and
Loan Accounts
Noncash Collections
Commodity Credit
Corporation

Accounting
Member Bank Reserves
Currency and Coin
Securities CustodyGovernment Coupons
Guards

Check Collections
Personnel - Payroll
Disbursing
Purchasing - Supplies
Dining Rooms
Building
Equipment Repairs
Telephone - Telegraph
Mail and Express
Files and Records

APRIL

2 3 , 1953

OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
ORGANIZATION
BOARD

CHART

DIRECTORS

OMAHA BRANCH

DISCOUNT COMMITTEE
(Vice President, Cashier,
and one Director)
VICE
PRESIDENT
L. H. Earhart
General Supervision
over Branch
Operations
Discounts and Loans
Personnel
Bank Relations

CASHIER
P. A. Debus

Accounting
Member Bank Reserves
Currency and Coin
Securities Custody
Government Coupons
Withholding Tax
Guards
Commodity Credit
Corporation

ASSISTANT CASHIER
U. S. Berry

ASSISTANT CASHIER
W. P. Doran

Check Collections
Government Checks
Mail and Express
Payroll - Disbursing
Building
Purchasing - Supplies
Equipment Repairs

Treasury Issues,
Redemptions, and
Exchanges
Savings Bond Issues,
Redemptions, and
Exchanges
Treasury Tax and Loan
Accounts
Noncash Collections
Telephone - Telegraph
Files and Records

APRIL 23, 1953

BOARD 0 7 GOVERNORS
OF THE
FEDERAL RESERVE
SYSTEM

f|rriKBiTr RESERVE AGENT
B. B. Caldwell

ORGANIZATION

CHART

FEDERAL RESERVE BANK OF KANSAS CITY
FEBRUARY 2 5 , I95Z

BOARD OF DIRECTORS
R. B. Caldwell
Chairman
AUDITOR
C. L . B o l l i n g e r

ASST. r . ft. AGK8T
K. A l l e n d o e r f e r
ALTERNATE ASST. F. B.
AGIMT3P . V. wysong
Kenneth B. S e l r
7 . B. AGENT'S
REPRSSENTATIVE3Danver- « . B. Young
Oklahoma C l t y 0 . K. Chase
Omaha- V. T. F a l r l a y

EXECUTIVE CCMJITTEE
(Three D i r e c t o r s )

INDUSTRIAL
ADVISORY
COJUTTTEE

H u d O f f i c e and
Branch Auditing
Departments
PRESIDENT
H. a . Leedy

DISCOOBT C0MM1TW
( P r e s i d e n t and

BRANCH BOARS
OF DIRECTORS

BRANCH BOARD
OF DIRECTORS

VICE PRESIDENT
0. H. Pipkin

VICE PRESIDENT
R. L. liatbes

VICE PRESIDENT
L . H. E a r n e r t

DENVER BRANCH

OKLAHOMA CITY BRANCH

vice Presidents)

FIRST VICE FRESIDEJT
Henry 0. Koppang

VICE FRESIDEST JOT
CEKERAL C00X3EL
(Vacancy)

Legal
Board R e g u l a t i o n s
ana I n t e r p r e t a t i o n s
Operating L e t t e r s
D i r e c t o r s and
Committee Records
Insurance
F . R. Stoelc I s s u e s

VICE PRESIDENT
D. V. 7 o o l l e y

Bank Examlnatlona
Bank R e l a t i o n s
S e l e c t l r s Credit
Controls

VICE PRESIDENT
B. W. Tow

VICE PRESIDENT
Tohn Phillips, Jr.

Research
Statistics
Library

Fiscal Agency Public
Debt Activities

CasblerF. H. Larson
JLsst. CashlerH. L. Stempel
Asst. CashierH. G . Duck

CashlerF. W. Alexander
Asst. CashlsrF. R. Fritz
Asst. CsshlerF. C. Scbmocker

nuni BRANCH
Cashler1. E. Frledebaen
Asst. CashierU. S. Berry
Asst. Cashler1. P. Doran

CASHIER
0 . A. Gregory
ASSISTANT
VICE PRESIDES!
E. U. Sherman
CHIEF EXASQNER
t . F. M i l l s

Bant Examinations
Regulation T
Regulation V

ASSISTANT CASHIER
J. T. White

Bank Relations

Bank Relations
Mall and Express

ASSISTANT CASHIER
P. A. Debus

Regulation 1
Regulation X

ASSISTANT CASHIER
John T. Boysen

Planning
Methods, Systems,
and Procedures
Special Assignments
Budgets
Security Files
Tabulating Oui*
Payroll

ASSISTANT CASHIER
C, A. Cravens

Cheek l a U e e t i o n
noncash C o l l e c t i o n
G-oremneat Checks
p o a t s l « % Orders

ASSISTANT CASHIER
P . A. Debus

Accounting
federal taxes
Hire T r a n s r s r s

ASSISTANT
VICE PRESIDENT
II. « . E. Park

ASSISTANT
VICE PRESIDENT
E. D. Vandsrhoof

Building
Guards
Telephone and
Telegraph
Dining Rooms
Equipment Repairs
Purchasing, P r i n t i n g and S u p p l i e s
SecuMtles-UustodT
purchase and S a l e
of S e c u r i t i e s
C m m l Files

freasury Issues,
Redemptions, and
Exchanges
Savings bond Issues,
Hedemptlons, ana
Exchanges
treasury Tax and
Loan Accounts

ASSISTANT CASHIER
T. H. Bandford

Personnel

Currency and Coin
Government Coupons
Vault Custodlsns
Member Bank R e d i s counts ana Loans
I n d u s t r i a l Loans
R e g u l a t i o n V Loans

:. c. c.

ORGANIZATION CHART
DENVER BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORS
DENVER BRANCH

DISCOUNT COMMITTEE
Vice President, Cashier,
and one Director

General Supervision over Branch
Operations \
* *
Bank and Public Relations

VICE PRESIDENT
G. H. Pipkin

CASHIER
F. H. Larson
ASSISTANT CASHIER
H. L. Stempel-,

ASSISTANT CASHIER
Hubert G. Duck

Accounting
Check Collection
Mail and Express
Purchases and Stockroom
Personnel and Payroll
Regulation X

Money
Loans, Rediscounts, and Acceptances
Telephone and Telegraph
Protection
Building
Regulation W

Fiscal Agency (Treasury Dept.)
R. F. C. and C. C. C.
Custody of Securities
Noncash Collection
Files
rebmary 25, 1952

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK 07 KANSAS CITT

BOARD 07 DIRECTORS
OMAHA BRANCH

DISCOUNT COMMITTEE
Vice President, Cashier
and one Director

VICE PRESIDENT
L. H. Barhart

CASHIER
J. K. Jriedebach
General Supervision
over Branch Operations
Discount and Credits
Personnel
Bank and Public Relation'
ASSISTANT CASHIER
U. S. Berry

Check Collection
Government Checks
Mail and Express
Payroll and
Expenditures
Furniture and
Equipment

Noncash Collection
Purchases and
Stock Room
Telephone and
Telegraph
Provision of
Space

Currency and Coin
Securities
Government Coupons
Accounting

Member Bank Reserves
Withholding Tax
Commodity Credit Corp.
Protection
Regulation X

ASSISTANT CASHIER
V. P. Doran

Fiscal Agency
United States Treasury
Issues, Redemptions and Exchanges
Treasury Tax and Loan Depositaries
Old Records
Regulation tf

February 25t 1952

B O U D OF GOVERNORS
OF I B S
FEDERAL HSSKKVX
STSTni

ORGANU

JN CHART

FEDERAL RESERVE BANK OF KANSAS CITY
MAY 17, 1951

BOIBD OF DIHEOT0R3
B. B. Caldwell
INDUSTRIAL
ADVISORY

AUDITOR
C. L. B o l l i n g e r

FEDERAL BBSKRVK AGENT
8 . B. Caldwell

EXECUTIVE OOMMTTKX

Bead Office and
Brenob Auditing
Paper faaanta

1S3T. F. B.
M. A l l e n d o e r f e r
ALTERNATE ASST. F. B.
A0ENT5P . T. Wyaong
Kenneth B. S e l f
F . B. AGENT'S
EEFRESENTATIVKSD m M . B. Young
01 t y D. K. Caase
F. P a l r l e y

(Three D l r e e t o r a )
DISCOUNT 0UIMITTE1
( P r e s i d e n t and
Vice Prealdanta)

BRANCH BOABD
OF DIRECTORS

BRANCH BOARD
OF DIRECTORS

BBABCH BOABD
OF DIRECTORS

H. O. Leady

FIRST TICK PRESIDENT
Henry 0 . Koppang

H C E PRESIDENT 1HI
GENERAL COUNSEL

(VaoaBcy)

Board Ragulatlona
and Iaterpretatlona
Operating Letter*
Dlrectore and
Ccanlttea Baoorda
Ineuranee
Personnel and P a y r o l l
F. R. Stock Iaauea

VICE PRESIDENT
John P h i l l i p * , Tr,

VICE PRESIDENT
D. *. Woolley

mser

Bank Examlnationa
Bank S a l a t l o n a
Regulation W
Regulation X

F l a a a l Agency P u b l l o
Dabt A e t i T i t l e s

Vloa PresldentC. H. Pipkin
CeshlerF. E. taraon
Aaat. CaanlerH. L. Stamp*!
Aaat. CaahlerH . O . Dnok

em.mi. i*mrggss
Tloa PreeldantR. L. Hathee

F. V. Alexander
Aaat. CaahlerF. B. Frits
Aaat. CaahlerF. 0. Sohmooker

lUitk

f*LfX

Viae P r e a l d e n t L. H. Ear-hart
CaahlerJ. E . Prledebaeh
Aaat. CaahlerO. s . Berry
Aaat. Cashiers'. P . Doran

CASHIER
C. X. Sandy
ASSISTANT
VICE PRESIDENT
G. A . O r e g o r y

ASSISTANT
VICE PRESIDENT
M. w. E. Perk
DIRECTOR
OF RESEARCH
C.

It. Tow

Research
Statlatloa
Library

CHIEF EXAMINER
L. F. M i l l s

Bank Examinations
Regulation T
Regulation U

IS3ISTANT CASHXEF
J . T. wnite

Bank R e l a t i o n s

Bonk R e l a t i o n e
Mall and Sxprese

ASSISTANT CASHIER
P. A. Debus

ASSISTANT CASHIEfl
P. A. Debus

Regulation X

Building
Guarda
Telephone and
Telegraph
Dining Rooma
Equipment Repalra
Purobaalng, printing and supplies

Aocounting
Federal Taxee
Wire Transfers

ISSISTANT CAflHTKT
C. A. Crayens

ASSISTANT CASHIER
John T- Boyean

Securities Cuetody
Purchase and Sale
of Securltlee
Cenaral Fllea
Old Recorda
Security Filee
Tabulating Dnit
RFC and CCC

Planning
Methods, Systems,
and Prooednree
Special Aaalgnmenta
Bndgeta

Currency end Coin
Gorernment Coupons
Vault Custodians
Member Bank Redloeounta and Loans
Induatrlal Loana
Bagulatlon V Loans

ASSISTANT CASHED
K. D. Vanderhoof

Treaanry Iaauea,
Rademptlona, an
Cheek Collection
Boncaah Collection
Gorernment Cbecks
Poets! Money Orders

Seringa Bond
Redemptions, an
Exchanges
rreesury Tax and
Loan Aaaounta

BOABD Of DIB1CTOTS
moron* BBAKCH

•«»MWe«»BWWe>«e«»«e«i«lMMMe<«««»IMM^^

*•»•

BISCOU1T COMKITTIE
Vice President,Caabier,
and one Director

f*»

General Superriaioa over Branch
operations.
Bank, sod Public Bei&fcians.

• M M t H H l

VICt PTHSIDBTT
0 . H. Pipkin

CASHIER
7 . H. lar»<m

Jfoney.

-J

Loaae, Bedieeou*** It Accept*****,
Telephone aad Tel agraffe*
Proteetioa.
Bu i1dlag,
,
P«r»lati<« W.
i in iwr

ASSIST AIT CASK! BE)
H. L. Sterapel

ASSrSTAST
, SuVert Q. Ouek

Tiacal Ag«ney (Treasury B e p i . )
B. F. C» &»d C. C. C.
Cast-tdy of S e c a r i t i e t .
SocoMk C e l l e c t i o a .

Account, ing.
Check

f j I !»•<••..

Mail arid Xxyrene.
P»rch»eee and Stockroorr,.
Pareor\n*l and P-»;/ri'l . .
Regulation JL

""ay 17, 1951

May 17, 1951

ORGANIZATION CHART
OKLAHOMA CITY BRANCH
FEDEPAL RESSRVl BANK OF KANSAS CITY

BOARD OF DIRECTORS
; OKLAHOMA CITY BRANCH\
I
DISCOUNT COMMITTEE
Vice President, Cashier,
and one Director
General Supervision
over branch
operations

Bank and Public
Relations
Loans, Rediscounts,
and Acceptances

VICE PRESIDENT
R» L. Mathes

Accounting
Government Coupons
Member Bank Reserves Custody of
Currency and Coin
Securities
Protection
Regulation V

CASHIER
F. V. Alexander

ASSISTANT CASHIER
F. R. Fritz

Government depot
itaries
Nev Issues and
Redemptions

Non-Cash Collections
F.F.C. and C.C.C.
Custody

ASSISTANT CASHIER
F. C. Schmocker

Check Collection
Personnel
Payroll and
Di sbursing
Purchasing and
Stock Room
Cafeteria

Building Maintenance
and equipment
Telephone and
Telegraph

Mail and Express
Files

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS ,
OMAHA BRANCH
I
DISCOUNT COMMITTEE
Vice President, Cashier
and one Director
VICE PRESIDENT
L. H. Earhart
CASHIER
J. K. Friedebach
General Supervision
over Branch Operations
Discount and Credits
Personnel
Bank and Public Relations

T ASSISTANT

CASHIER
U. S. Berry

Check Collection
Government Checks
Mail and Express
Payroll and
Expenditures
Furniture and
Equipment

Noncash Collection
Purchases and
Stock Room
Telephone and
Telegraph
Provision of
Space

Currency and Coin
Securities
Government Coupons
Accounting

Member Bank Reserves
Withholding Tax
Commodity Credit Corp.
Protection
Regulation X

ASSISTANT CASHIER
W. P. Do ran
Fiscal Agency
United States Treasury
Issues, Redemptions and Exchanges
Treasury Tax and Loan Depositaries
Old Records
Regulation W

May 17, 1951

January 4 , 1950

BOAAD OF SCTDWOfB
OF TH1
RCIIUI. RE IFV1 STbTBf

~ )

PETOH ^E,DTTE EA.05. Or UJTXZ CITT

BOlflD Or DIRECTOR*
R B 2al3»aU
Cbalma

I . 1. U M 1
0

AUDITOR
L. Bollla«ar

ITHCTPIiL ADTUOHT

ca*nTro
OtiaJTITI SOK1TTB
(TtLraa D l r t o t o r s )

BHd Offlaa
and Bnnab
i o d l t l i / Dapm-tcwta

F D V i L IBS0T1 J D 0 T

oi-iocwr coiQTin
( P n a l d a a l and

BRANCH KURD
OP 31RECTOR

BRXJCH BOARD
OP 21 MOTORS

BUflCn BOARD
OF DiRtrroit

PREIDWT
ALT—ATI A J S P M T
n n s u i R B s n AOBTS
T. Braaa ItoM
Ult

mail aiiiiin mm1!
wuamnTB

V. II. T r a «

FIRST TICS PREIDDTT
FtMLry 0 Foppaac
TXCI PSBIDBTT UK)
t n u i OOCBBS.
D. C Jot—

D. B. CtaM

EST

la «•>*»«• t l a u
OpontlM Latt«n
tari *f Mnltara ••«

TICX pmsBi

D. v. *ooii*r

TICX PKEIDdT
Jobs FtolUlpa. Jr.

Flaeal l « i M |
Ooramast
Ctnrlitii)

fiaak SxaaUaallMa
••ak ffaOaUaaa

nPfTP BflaJCg
Tlo« FraaUaot0 . B. Pip*la
CwUtrr H. Laxaoa
AaalalaM SaafclarB. L. 3t«BB>al
i u l i t w t CuaUr-

a a. ou«k

jxiitau : m

ERAM

Tl«» PTMldMti*. L. Hatha*

• u«xud*r

i w l i u i i CaaMarP. R. P r l t i
Aaaiatajit ^ * U t r P C. Si

Tl«* PTaaldaanL. B h r t a r t
C«a&l*r7. I . Frladabaah
i M l i U i t CaaUarD. 3 . b*rrj

ZMsmo
. t swdy
J313TiHT
n c i PRISXSDIT
M. t . 1 . f»J*

A3SX9lAlT
TICI PREIDBPT
3.

A. QrwCTT

A3SIST1VT

uazsTurr CASHIW

rtranj*

1. 0 . saanan

fiaak BaUtlaaa
StottltlMl

Ufcn*T

Bulldlig
3**u4a
Talapboaa u i Talacnpk
Fo«t Offlec
Dial**- BOOM
r a r t k u l a e , Sappllaa,
P r t a t U c , aad Iquitamat

lOOOUBtLMC
R. P. C. and C. C. 0 .
0 u t o d 7 of S*«urltl«*
Paraam** aid 3*1 • of
3a«irltl*a

m«
TfetalatUg Ualt
f l t U w l l TUM

Curaaay tad 3ola
Tamlt CtatAdy
• * - * * r Baa* ^ d l a a o o a t i
lad matrial U t u
MCttlatlaa 0

A3SX3T1VT CA5BXXS
I . D. Taadarianf

3a*ak CoUaatloa
•onaaah CoUaoUoi
I I r * Traaafara
B a « l a t n t l a m a aa4
Sawttca Road Aalaa,
Badaavtloma, r i w a r t i ,
tad C u l o a y
l a r Leaa l«a«aitlaa;

ORGAUIZATIOH CHAET
FEUERAL BESEBVE B^JK OF KAHSAS CITY

JAGUAR! 4, 1950
BOARD OF UlBEoTORS
JJEHVER BRAJl H

,
I

DISoCUDT COMMITTEE
Vice President.Cashier,
and one Director

General Supervision over Branch i
operations.
f
Bank and Public Relatione.
|

Currency and Coin.
Loans, Rediscounts & Acceptances.
Telephone and Telegraph.
Protection.
Building.

VICI PRESIDKHT
G. H. Pipkin

CASHIER
H. L&rBon

I-

ASSISTABT CASHIER
Hubert G. Duck

ASSISTABT cAGHIER
H. L. S t e m c e l

T
Accounting.
Check Collection.
Mail and Express
Purchases and Stockroom.
Personnel and Payroll.

Fiscal Agency (.Treasury Issues)
! R. F. C.
and
C. C. C.
1
Custody of Securities.
Hon-Cash Collection.
: Files.

BOARD OF DIRECTORS
OKLAHOMA CITY BRANCH

ORGANIZATION CHART
OKLAHOMA CITY BRANCH
FED2KAL RESERVE BANK OF KANSAS CITY

DISCOUNT COMMITTEE
Vice President, Cashier
and one Director

JANUARY 4, 1950

VICE PRESIDENT
R. L. Mathee

CASHIER
F. W. Alexander

General Supervision
over Branch Operations
Bank and Public Relations
Loans, Rediscounts, and Acceptances

ASSISTANT CASHIER
F. R. Fritz

Government Depositaries
New Issues and Redemptions
Noncash Collections
R. F. C. and C. C. C. Custody

Accounting
Government Coupons
Member Bank Reserves Custody of
Currency and Coin
Securities
Protection

ASSISTANT CASHIER
F. C. schmocker

Check Collection
Personnel
Payroll and
Disbursing
Purchasing and
Stockroom

Building Maintenance
Telephone and
Telegraph
Mail and Express
Files

BOARD OF DIRECTORS
CL^HA BRANCH

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

DISCOUNT COMMITTEE
Vice President, Cashier
and one Director

JANUARY 4, 1950

VICE PRESIDENT
L. H. Earhart

CASHIER
J. K. Friedebach

General Supervision
over Branch Operations
Discount and Credits
Personnel
Bank and Public Relations

ASSISTANT CASHIER
U. S. Berry

Check Collection
Government Checks
Mail and Express
Payroll and
Expenditures
Furniture and
Equipment

Purchases and
Stockroom
Telephone and
Telegraph
Provision of
Space •

Currency and Coin
Securities
Government Coupons
Accounting

Member Bank Reserves
Withholding Tax
R. F. C. Custody
Protection

ASSISTANT CASHIER
W. P. Doran

Fiscal Agency
United States Treasury
Iesues, Redemptions, and Exchanges
War Loan Depositaries
Noncash Collection
Old Records

.larch 2 1 , 1^49

BOATO 0 7 30TH1I0IB

n o s u i K s n r i BjL-a or BANSJ
onci-viZATl* aujrr

r o D U I RBSBTTI STSTW

BOARD or oiREcrae
R. B. Caldwall
Ckalnaw

• . 1. g ^ l n U
1TOIT0B
L. BolllBa-ar

iSBOTUTT

XmETRXAL ABYISOBT

caaarm
SDOTTITI OOBVXTTB
(Tans Directors)

Baad orriH
aaa Brush
rtltla* Papart—«

DISOOOBT g m a m
I r r w l d M t aad
T1.B PraalsaBta)

BMUTCH BOAJD
or oinctoflE

or DxmcToic

msisarr
I. 3. Us«J

u n u n masR
r t s a u . n s a m *>»ns
T . m « » Boat
I M M I B. saif

n»sT n o t PHESIDBBT
H*mrr 0 . Koppaac
TICB PIBRIISBYT IBV
i n u
OCQBS.

DaBTar- » . B. Tomg
I

s. e. i o m

r i a PBSIHIITD. 1 . ( c o l l a r

TICB rasiiaVT
•ha Phillips, Jr.

D. I . Cteaa
* - > . . . r, m i l .

Istarpratatlau
OpavaMac Lattara
Boaia af Dlrastara ai
OoaBlttoa Baoorta

rlaaal Acaaar
(0
aaaat
Sasarltlss)

Bank BalatlOBa
Basulatloa •

"•—" "~ —-Tloa Prsaldaat9. I . Plpkta
Caaalarr. H. Laraoa
Aaalataat CaaalarI . L. Svaapal
Aaalataat OaaalarB. 0 . Duak

>laa r r a s U e a t H. L. Hataaa
Saaalarr. I . l l s n a d s r
laalataat Oaaalarr. a. m t a
Aaalataat Oaaalsr-

PaJToll
Uftn ul Mlal
r. i . tun steak I M M

U3HHP
. B. SaoAr
135DT1BT
rZOB PBBBnaB

n c i nxsnaBrr
M. 1 . ». 1 * 1 *

ABSlSTaBT " ' T
B. r . T n a r

U S O T W T C13BXD

laalrtiaal
stauatiaai
UaraaT

fcllillw
M n M n aaa TalampB
post omsa
Dl*la« * » • • »
FTTTaaTlaff Sappllaa,
r r u t i a c , u i *i>ip»><

B. ' . C. aad C. C. C.
Oaststr af Saawltlsa
r m a u t aad 3ala ar
Saaorltlaa
rUaa
Taaalatla* Bait
• l t k a a l d laiaa

M a l t Oaatea*
l a t a a t r l a l Uaaa
aacalatlaa I

Oaaek CaUaatlaa
Baasast OaUaatlai
I l i a TJoaafara

Tlaa FrsaldaatL. B. Baraart
Oaaalar>• I . rrlaaeaaak
laalaaaat Oaaalai
o. s. Banr
Aaalataat Oaaalai
r. r . Sana

BOARD OF DIRECTORS
DENVER BRANCH

ORGANIZATION G H H H T

.DENVKR BKANCR
f'EDKRAL kESEkVE* BANK' OF-KANSAS CITY
March 21, 1949
DISCOUNT COMMITTEE
Vice Prebiaent, Cashier
and one Director

VICE PRESIDENT
G. H. Pipkin

CASHIER
F. II. Larson

General Supervision
over Branch Operationb
Bank ana Public Relations

Currouci a.na Coin
Loans, rtealbcounifc, ana Acceptances
Telephone and Telegraph
Protection
Building
Keguiation A

ASSISTANT CASHIER
H. L. Stempel

ASSISTANT CASHIiR
Hubert G. Duck

Accounting
Cneck Collection
hail ana Sxpresb
purchases and Stockroom
Pertonnel ana Payroll

Fiscal Agency iTreasury iSBUeSj
R. F. C. and C. C. C.
Custody of Securities
Noncash Collection
Files

BOARD OK" DIRECTORS
OKLAHOMA CITY BRANCH

ORGANIZATION CHART
OKLAHOILA CITY BRANCH
FEDiKAL RESERVE BANK OF KANSAS CITY
liarch 21, 19*9

DISCOUNT COKLITTEE
Vice President, Cashier
and one Director

VICE PRESIDENT
R. L. Llathes

CASHIER
F. W. Alexander

General Supervision
over Branch Operations
Bank and Public Relations
Loans, Rediscounts, and Acceptances

ASSISTANT CASHIER
F. R. Fritz

Government Depositaries
New Issues and Redemptions
Noncash Collections
R. F. C. and C. C. C. Custody

Accounting
Government Coupons
Member Bank Reserves Custody of
Currency and Coin
Securities
Protection
Regulation W

ASSISTANT CASHIER
F. C. Schmocker

Check Collection
Personnel
Payroll and
Disbursing
Purchasing and
Stockroom

Building Maintenance
Telephone and
Telegraph
Mail and Express
Files

BOARD OF DIRECTORS
CLLUIA BRANCH

ORGANIZATION CHAnT
OiaHA BRaNCH
FEDERAL RESEHVE HANK OF'KANSAS CITY
March 21, 1949

DISCOUNT COMMITTEE
Vice President, Cashier
and one Director

VICE PRESIDENT
L. H. Earhart

CASHIER
J. K. Friedebach

General Supervision
over Branch Operations
Discount and Credits
Personnel
Bank ana Public Relations

ASSISTANT CASHIER
V. S. Berry

Check collection
Government checks
Mail ana Express
Payroll ana
Expenditures
Furniture and
Equipment

Purchases ana
Stockroom
Telephone and
Telegraph
Provision of
Space

Currency and Coin
Securities
Government Coupons
Accounting
Regulation w

Member Bank Reserves
Withholding Tax
R. F. C. Custody
Protection

ASSISTANT CASHIER
'A'. P. Doraa

Fiscal Agency
United States Treasury
Issues, Redemptions, and Exchange
War Loan Depositaries
Noncash Collection
Ola Recoras

.?/r <lift f ?

BQAH> Or OVIIMUIHS
OF IBB

rXDBUL KtMHVI BAJOC Or UBSAS CITT
ORSIKIZITIOS CHUT
r 1 0 , 1348

BOARD Or DIRECTORS
B. B. Caldaall
Chalna*

I . I . Oalaiall
iininoB
. l . BolllAfar

IHUUb 1V1AI. ADTISOST
COWITRB

i M l OfflM
and Brasoa
i g d m a * Paparteanta

R B S U L BBSBHTX j o m
H. u l a a a a a r f a i

nzcunTB OOBUTTU
( T a n a Dlraotora)
DI3000IT (
(Praaldaat and
Tlaa Pra ildanta)

BRUICH BOARD
Or DIRECTORS

BRARCS B01BS
Or DIRECTORS

or oiututuRd

PRESUm?
I. 0. laadj
i l S B U B 1S3X31VT
riDBUL lasBm
ions
T. Brwa Bott
Xaaaatt B. Salf
FIRST TICB PRESISSfT
HsnXT 0 . Koppang
liDIUU. BiJWI lUUll'g
I. » . Too**

citr-

T1CB P8CSXDETT iXD
O0IB1L OGDBSA
P. 0 . ToBaa

TICI PRESUJAVT
D. f . I o o U « T

TICS FRB3KSBT
7eka n i l l l v a , Jr.

p. 1 . Csaaa
A t L
Boait BacolaUOBa aad
latarpratailou
Oparailag Lattara
Board o f D l n o t o n and
O o m l t t a a Baooida
Ini

r l a a o l Ataaor
(Omraaat
Saaarltlaa)

Baak Balatloaa
Racalatloa t

""IT1
Tlsa r n a l d a a t 0 . B. r i p u m
Caahlarr. H. U n a
l a a l a f a t CaaolarB. L. Btaapal
Aaalatamt OaaalarB. Q. Dnak

"IT " " 1 1

Tlaa BraaldaatR. 1 . Batkaa
Caaalarr . w. Alaxartor
Aaalataat CaaUarF. B. M U
Aaalatamt Oaamlarr . 0.

Ttaa rraaldoov1. B. tartart
7 . K. rrtadaaaaa
Aaalataat OaaalarV. s. Banr
AMlataat Caaalor1 . r. Don*

Pajnll
laUara art Badl.il
r. • • I n k stoak I n w

CiSflllB
0 . E. Sandy
AaSPTAaT
~
TIOI PRE3H3BT
a . A. OraaoCT

TJCX PBXSXSSR
K. 1 . 1 . TM*

ASSBTAaT CASHBR
J . r . Tjaor

ASSI3T&BT ftmwlia
I . O. S h a n a s

Bank Balatloaa
laairMoai
Statlatlaal
UW<BT

Ooarda
MOOBOBO amd Talagnpfc
root K f l u
D U l a i BOOH
yttntTnii«c» SoBpilaa,
Pristine, art Eqalsawit

AaoouatlBe
B. r. e. asd 0. e. a.
OBatodr o f S a o o r l t l a s
Pttroaaaa ana Bala of
Saaarltlaa
fUaa
Tabulatlni Bait
tltkaald Tazaa

Taolt caatacr
Baabar Bask BaU>«
Industrial 1st
BanOatloaO

CkaaB C a U a a t l a i
Bouaak C s U a a t t o u
tin
ftaaafara

ISSOTUn O u s t t a
B. B. Taaaartiof

it S a a w t i l a a
B a t l t t n t l a m a am*
Baitasa Boad S a l a a ,
l a d a a s t l > B a , Baa a n a ,
a a i Oaataar
• a x Laa» laaonaAlai

ORGANIZATION CHART
DENVER BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORS
DENVER BRANCH

DISCCUCT COt.tMITTEE
Vioe P r e s i d e n t , C a s h i e r
and one I i r e o t o r

General S u o e r T i f i o n o r e r Branoh
operations.
Bank and P u b l l o R e l a t i o n s .

VICE .'RESIDENT
G. H. .'ipkln

Currenoy and C o i n .
Loans, Rediscounts l'Aooeptanoes,
Telephone and T e l e g r a p h .
Protection.
Building.

CASHIER
F. H. Larson

ASSISTANT CASHIIR
K. I.. Stem pel

ASSISTANT CASHIER
Hubert G. Duok

F i s o a l Agenoy (Treasury
R. F. C. and C. C. C.
Custody of S e c u r i t i e s .
Non-Cash C o l l e c t i o n .
Fllee.

Aooountlng.
Check C o l l e c t i o n .
V.ail and ".Tpress.
iMrchases anu Stookroom.
P e r s o n n e l and P a y r o l l .

January 1 ,

1948

Issues]

ORGAKIZATICl! CHART
OMAKA BRANCH
/EDZhAL RiSSRVE BANK Of KAJJSAS CITY

BOitfdi CP DIRECTORS
OMAHA BRAKCK

DISCOUNT COMMITTiB
Vice Prosldont, Cashier
and ono Director

VICS PRESIDENT
L. H. iiiarliart

CASHISk
J. K. rrlfKJebach

General Supervision
over Branch Operations
Discount and Crodits
Personnel
Bank and Public Relations

ASSISTANT CASHIER
U. S. Berry

Check Collection
Government Checks
Mail and Express
Payroll and
Expenditures
Furniture and
Equipment

Purchases and
Stockroom
Telephone and
Telegraph
Provision of
Space

Currency and Coin
Securities
Government Coupons
Accounting

Mentor Bank Reserves
Withholding Tax
R.y.C. Custody
rrotcction

W . P. Dortti

Fiscal Agency
United States Troasury
Isnueo, Redemptions arid Exchangee
War Lo<m Depositaries
Noncash Collection
Old Records

September 16, 1 9 ^

i / '^
ftDt»*l

f"
'
i

WStHl
I t f l Of COSA3 ClTT
Organization Chart

d | ^ Mf7

n i N u r M . tear

Boato or covnaeas of r»t
FtOlBU. PCSt»«t SYSTtH
hashinot on. 0. C.

IOIIO or oittcicts
1. 9

U3ISTMT f C K I M . N S M
ntllT
a. a l l a n d o a r f a r

Caldaell.

Caiman

•uOlTOt
C. C. Sand;

ISDU3TBIU. I D l l i O l )
COUHITTtt

L__

•WaVaTC M U S T M T
• O t t a t aXBEaVf J C U T I
t . t r i e * ante
» t. » i r

cucunvi CCOITTU
(Three oireetors)
OISCOUIT C 0 « I T T H
(president, vice presidents)

aaad o r f l c a and Branch
Auditing Oaeartaanta

FIDO*. KSftVt «UIT'J
«PffVaT.TiaU
Oaiwar - » . I . TOW)
( • I M Clt» D. C. C1>«M

MISIOCIT
n. G. taady
Btaaca aoiao
OF OlttCTOBS

a. r. Fairtty

r. t r u e * BOOB. Dlraetor
of a g r i c u l t u r a l t « M « r c h

I vice rttjioeir iiocismii

••March
analytical
Stat I i t l e a l
Library

D. IT. UOOllay

(aaainattons
taaulatIon • *
Bank l a ) a t Ions"
lulldlng
Cuards
ralaphona and Tolagraph
Post o f lea
Dining aooms

vice msiotii no

f . v. Bleiandar

Matter lank t a d l a c o v M t
and l o a n i
industrial L O M I
••guUtlon v
t a b u l a t i o n v*

I ICC " C J I M I T
John Bh.111!ps, j r .

faHH I'MCII
vice »«siocar l . P. t a r n a r t

lagal
Board Papulations and
intarpratations
Operating l a t t a r s
Board or Directors and
Conaittaa aacords
insurance
Personnel
v e l f a r e and nodical

CaSMKt F. » . laraon

•SSISTMT casaKB •
u* S> Barry

assisrur etsaitB-

Goverrvaent S e c v r l t l l
• a * issues and
Bedaapt lona
Bag I si rat Ion and
{•changes
Savings Bond Sal at.
•accrda and
CaetOdy
taiarnapnt D a a M t tarlaa

a. a. L

C. U. Shaman

Bank delations*

Currancy and Coin
Guwpri—nl Cuepane
vault Curtedy
account lag
T » a ) e t l a j »all
• I t h M l d Taxes
payroll

assisrur cisxitu •
V. P. ooran

M. I .

Iteapal

ISSISTaBT CaSalta -

a. e . Duc>

Part

Caatoay a ' s e c a r l t l a e
Pari heap ana) s a l * at s a c v H t l a a
' o r aaaatar aenaa anal t t t a r e
l a v a r t a a a t s aa» B i l l s ParcppapB
Custodian f a r IPC
Purchasing. Suppl l e e . P r i n t I n j ,

•swa

M t t t B BBiafi.
VICC FBtSIOCBT a. H. P l a t i n

Canl i t j . I . frladabach

1SSISTMT VIC( F K S I 0 ( I T
C. a. Gregory

• B U C K Boats
OF OIHCTOt*

FIBST «ICI MCSIOCIT
nanry 0. Boppeng

H I I I U COuastL
0. C. Johns

aJJISTWT CAMItl

) I I K > »0«»0

of oirccrots

o i t m o m e i T r ppaafp

• icc fifiiDcare . P. C o r d l l l
CaJaltBI . I . aataas
aSSISTUT C a s m t f •
F. I . F r l t l

assisrur c t t m i i .

Organization Chart
DENVER BRANCH
Federal Reserve Bank of Kansas City

February

*9*7

Q1-3 V * 3 O i l
BOARD OF DIRECTORS
DENVER BRANCH

DISCOUNT COliMITTZS
Vice President, Cashier
and one Director

„'

ti i, ill 7^1

i i > 5v< „* ;««t jif^vj'j?

VICE PRESIDENT
G. H. Pipkin

General Superrlsion over Branoh
Operations
Bank and Publlo Relations

ASSISTANT CASHIER
H. L. Stempel
Accounting
Check Collection
Mail and Express
Purohases and Stookroom
Personnel and Payroll

CASHIER
F. H. Larson

Currenoy and Coin Loans, Rediscounts
Custody of
and Acceptances
Securities
Building
(Regulation W
Telephone and
Protection
Telagr^h

ASSISTANT CASHIER
Hubert O. Duck

Fiscal Agency (Treasury Issues)
R. F. C. Custody
Conmodlty Credit Corporation
Noncash Collections
Files

F e b r u a r y a&, 1 9 4 7
ORGANIZATION CHART
OKLAHOMA CITX BRANCH
FEDERAL RESERVE BANK OF KANSAS CITX

O " V I 2 D 3 jh

BOARD OF DIRECTORS
OKLAHOMA CITY BRANCH

DISCOUNT COMMITTEE

Vice P r e s i d e n t , Cashier
and one D i r e c t o r
VICE PRESIDENT
0 . P. Cordill
General Supervision
over branch
operations
Custody of
securities

Bank and P u b l i c
relations
Loans, Rediscounts
and Acceptances

CASHIER
R. L. Uuthes
ASSISTANT CASHIER
F. R. F r i t z

Government depositaries
New I s s u e s and
Redemptions
Non-Cash C o l l e c t i o n s
Purchasing & Stock
Room

Mail and express
Files
Regulation A
'
R.F.C. it C.C.C.
Custody
B u i l d i n g maintenance

Accounting
Member Bank Reserves
Currency and Coin
Government coupons
Check C o l l e c t i o n
Withheld Taxes

P a y r o l l & Disbursing
Personnel
Telephone & T e l e graph
Protection

Organization Chart
OMAHA BRANCH
Federal Reserve Bank of Kansas City

BOARD vA DIRECTORS
OMAHA BRANCH

:
February
t30 t I947
•y^o,

13 VI 3 0 3 5*#
£v2i # t» ct**

DISCOUNT COMMITTEE
Vioe President, Cashier
and one Director

VICE PRESIDENT
L. H. Earhart
General Supervision over Branch
Operations
Loans, Rediscounts and Aooeptanoes
Personnel
Bank and Public Relations

ASSISTANT CASHIER
U. S. Berry

Check Collections
Government Checks
Files
Kail and Express
Payroll and
Expenditures

Purchases and
Stockroom
Telephone and
Telegraph
Building Maintenance

CASHIER
J. K. Frledebaoh

Reserves
Currency and Coin
Withheld Taxes
Securities and
R.F.C. Custody
Safekeeping
Government Coupons Regulation W
Protection
Accounting

ASSISTANT CASHIER
W. P. Doran

Fiscal Agency (Treasury Issues)
Issues, Redemptions and Exchanges
War Loan Depositaries
Noncash Collections

iiifte
Janur U . XJdb
RDBUX. RB3XKVX BJL« 07 KAHSJ3 C1TT

BQUD Or 007XRB0IQ 07 TBI
TDiRiL Reran sram
TaaUaaton. 0 . C*
n t t t l U U H f l AOBfT
ft. I . CaldwaU

BOUD OTMRKTOflS
H. B . CmldvaU, Q n l n u
lonrr
• . lUaadoorfor

iDnrron
0 . I . Sandy

ccuuTra
E o a n m COUCXTTD
( T h n a Dlraatora)

ALTPTUTI Aasatuff
I T O U i BS3BBT1 AOBHB

Hand Offlaa u A Branoh
Auditing Dapaxtaanta

l i u i t k B, S o l f

rauLBBszm

XBDOSTBIAL IDTTSORT

iowr*a

siscoan eaaaTTS
I f r i d l w l , Ttea Praaldtnta)

ptasiDBrr
a. a. u«ay

DOBTar • V . I . TOWf

BRANCH B O U D

D. I . Gbnaa
Oaa*. - I . 1 .

f l U l 7SBXXB3T
0 . 0 . Bkr«7

Aaalrtltal
UkruT

T. Bz«M B i M , Dtraotor
• t Aarlaaltmiail ftaaomron

or suasion

BB19CH BOUD
op Dxnczojs

BUBCB BOUD
OP DXBECXOIB

7TJBT TJCI FJBSZCEiT
Banr? 0* Koppaaf
rxai PfttsiDBiT iso CASEXIB
D. W. t e o U t r

Xsaalnatlon*
tWsuUtlon ff*
Bank Balatlona*
BulUlaft
Gvarda
Talaphooa and Talacmpk
Foat Offloa
D i a l s * BOOM

JBSXSZiMT ClSXIB
I . r. l y a o r

Transit
Baasa ah O o l l a a t l o a s
Tranafara of Toads
nation Chooks
Oaaoral 7 1 1 M

TIffI PBSSIDEKT
I D U PUlllpa, Jr.

oEORiL coceon. AND
S1CHTTAHT
D. C. Johna

S n i r a w n t Saaurltlaa
R*« I H V I I and

Board n o g o l a t l o n j and
Intarpratatloos
Operating l a t t a r a
Board o f Dtraator* and
Conmlttao Bssoida
Xajaraaoa

AS3I3TUTT CtSKXm
I * 0 . Soavaan

Foraonnal
T a j r o U , V a l f a r s , Hadiaal
Ragnlatloa t*
Bask Baiattooj*

Radaaptloaa
Rafilatratloa u d
Bxabaaiaa
SaTlaga Bond S a l t *
Raoord* aad
Cuatody
SoTarmant Dapoal*
tarlaa

Asaisturr n e t PRXSXDBT
0* A. Orssorr

Oarraaor aad Cola
Oovanuunt Coupons
iMODBtlng
Tabalatlns Halt
Wltnhsid I k i a a

VICE PTOIDBST l . B. lartart
ciSHna 7 . X. Priadabaaa
A3SI3n.Tr ClSHUB •
n. 9. Barrr
is3isTi.Tr cisHna .
w» P . D o r u

USI9T15T CLSIZB
H. ff. B. rark

Caatodr of SoaarlUoa
Partbaaa m& 8«la of S a a v l t l a s
for Vaakar Banks ant Ottara
InTattaaots and Bllla Fnrflnaaod
Caatodlaa for H7C
•mrebaalas. Sappllas. Frlatlag,
and l^olgauat

pgim muioH

tT"""

TX& P0S1DBIT 0 . B. Plpkli
assna P. I . U n a
i3sisri.Tr C U H D •
B. L . g t a a c a l
issisTiNT ctatnxn .
B. o. s«ak

TICK P B S X D B B T •

" " —Tl

o. P. coram
ussm •
« . I . MaUm
13SX3T1R C i S B m •
!•• B* D a w p o r t
1SISTUT U 3 X m •
». i . m»»

ASSStABT M W f m
7. ff. UaxaatUr

laaaVar Bankftadlaao-atUand
XrOnM

Indaatrlal l«maa
B**«l*tlon T

ORGANIZATION CHART
DENVER BRANCH
TEDERAL hESERVE BANK uF KANSAS CITY

BOARD t.r DIKECTOR3
DENVl.Ii
H-UXH

EISCU'NT CIMMITTEE
Vice President ,Ca»hi«r
and O M D i r e c t o r

G e n e r a l S n p t r r l c i o n o y e r Branch
cperatlODS.
t a n k and
rtbllo
Relation!.

VICE PRESIDENT
G. H. P i p k i n

A o c o v c t log.
Check C o l l e o t i c a .
V a i l and E x r r e s s .
P u r c h a s e s and S t c o k r o o a .
f - e r s c n n e l acd > P a y r o l l .

Currency & Coin.
C u s t o d y of
3eo\r'. t l e t .
R e g u l a t i o n W.
Protecticn.

Loar.i ,
Rediscounts &
Acoe i ' t a i . c e i .
Building.
Telethone &
Telegraph.

CASHIER
K. L a r a o n

ASSTSTAKT CASHIER
K. L . S t t m p e l

F i s o a l Agency ( T r e a s u r y I a a i . e s )
R.T.C. - Custody.
Co: mod i t ) C r e d i t C o r p o r a t i o n .
Non-Catta C o l l e c t i o n .

run
ASSISTANT CAShJEk
Hubert
C . Dock

Jaanary

29,

l«4t).

January 14, 1946
ORGANIZATION CHAhT
OAlAHOttA 01T* BRANCH
FEDERAL RESERVE BANK OF KANSAb CITi

BGARL OF DlRtCTORb
OcvUhKMti CITi onANCH

ulbLOoNT COMMITTEE
Vice P r e s i d e n t , Cashier
and one Director

VICE PRESIDENT
0 . P. C o r d i l l
General Supervision
over branch
operations
Regulation V

Bank and Public
Relations
Loans, Rediscount;
and Acceptances

L. B. Davenport

Check C o l l e c t i o n s
P a y r o l l and
Ld&burfring
Building Maintenance
Personnel
Liidl and Express
Purchases and Stock
room

Files
Regulation Vv
Reconstruction fir
ance Corporation
Coiunodity Credit
Corporation
Telephone and
Telegraph

CiibnluR
R. L. Mathes

Accounting
Member Bank Reserves
Currency and Coin
Government coupons

Custody of
Securities
Protection

ASSISTANT CASHIER
F. R. F r i t z

Government Depositories
New I s s u e s and Redemptions
Non-Cash C o l l e c t i o n s

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORS
OMAHA BRANCH

Plitt.

DISCOUNT COMMITTEE
Vice P r e s i d e n t , C a s h i e r
and one D i r e c t o r

VICE PRESIDENT
L. H. E a r n a r t
CASHIER
J . K. F r i e d e b a c h
General Supervision
o v e r Branch O p e r a t i o n s
D i s c o u n t s and C r e d i t s

Personnel
Bank and p u b l i c
Relations

ASSISTANT C/>SHIER
U. £>. Bfrry

Check C o l l e c t i o n s
Noncash C o l l e c t i o n s
Government Checks
Files
V.r.il and E x p r e s s
P a y r o l l and E x p e n d i t u r e s

P u r c h a s e s and
Stockroom
Telephone and
Telegraph
B u i l d i n g Maintenance

Currency and Coin
Securities and
Safekeeping
Government Coupons
Accounting

1Member Bank Reserves
Withheld Taxes
R.F.C. Custody
Regulation W
Protection

ASSISTANT CASHIER
tt. P. Doran

Fiscal Agency Operations
(United States Treasury)
Issues, Redemptions and Exchanges
War Loan Depositaries

January 1, 1946

— « .

mj >.

. B B B T I IUBK or CAWAS c m
Craaalaatloa caara

BOARD OF OOTX8N0R3 OF TBI
R D B U L RXSIHTI STSTO
BaahlAftoa, 0. C.

BOARD Of DIRKTOR3
It. B. Caldwall, Caalr*
AUDITOR
C. I . SaodJ

IHDOSTBIAL ADTI30ST

coaaanxx
a x c v r m coiaarrEE

Haad Offloa and Branea
Auditing Dapartaanta

(Thra* Dlraatora)

siscotnrr cxnoarm
(Praaldant, Tlta Praaldaata)

PRESIDINT
H. 0. Laadj

• M B

BRANCH BOARD
Of DIRZCT0R3

m i msiDBrr
0. 0 . Mara?

AaaXyUaal
Iltaazy

BMAlaalaal DtTlataa
S*aUa«iaal and
taaaltl k w i n k

S. T.

TICB FRtSIDBfT AND CAMUS
D. I . l o o l l e j

Bafulatlon W •
Buk Ralatloa*
Oaarda
Talajhoeja aad Talacrapa
PoM Offle*
Dials* BOOB*
Torvlf* Fonda Control
laaaraao*

•f :
BaUaa OkMka

tlXm

TIRST TICI HilSIDJWT
tUnrj 0. Koppans

OMAHA BRANCH
TICI FKCSICINT •
L. n . .Karbart
CASHIXR -

Payroll, Walfara, Madlaal
Bafslatloa f *
Buk Ralatloa* *

TICI

J . I . rrladabaeb
ASST.' CASiata Ui S. Barry
ASST. CASHIIR I . P. Doran

Logal
Board Rafulatlona and
Intarpratatlona
Oparatlnc Lattara
Board of Dlractora and
Coamltta* Baoorda

O. H. Pipkin
CASKXII S . A. Broam

Asat. CAsam H. t . t t a y l
ASST. CASHUB H. 0 . Da**

ASSISTANT TICI FRISIDWT
Jobs P a l l l l a a , Jr.

ASSISTANT TICI PRISIDBrr
0. A. Qr»0TT

Ooaaroaant Saturltlaa Raw laauaa and Radaaptloaa
Raclrtratloo and Kxanaacaa
Bar SaTlnca Bond* Sola*.
Baaorda, and Caatody
Ooianiaat Dapoaltarlaa

Curraaajr and Cola
Qonraaiaat Coupona
Aaoosatlag
Tabolatlac Halt
Maakar Bank Badlaaoaata

Caataar of aaaarltlaa
Parana** aad Sala of
SaaarlUat far Hank*:
Bank* aad Othara

Industrial Loan*
Withhold Taxaa

Parakaalac. B a s a l l M , FrlaAla«i «•* M a l i
Caatodlaa far RTC

Assisturr CASSIB
X. 0 . Shaman

TTaaalt

i OaUaatloa*

VICI PRS3IDBJT AND
GBQSAL COUJBH.
(offie* Taeant)

BOARD

or DIHCTOBS

ASSISTANT CASSIIB
M. 1 . X. Park

IH»

OROANIZATIOH CHART
DENVER BRANCH
BANK OF KANSAS CITY

BOARD OF DIRECTORS
DENVER BRANCH

DISCOUNT COMMITTEE
Vice President, Cashier
and one Director

Qeneral Supervision oyer Branch
operations
Bank and Public relations
Activities related to Defense,
including 7, VT & T Financing

VICE PRESIDENT
G. H. Pipkin

Currency and Coin
Custody of
Securities
Payroll, Disbursing
& Reimbursable
Accounting
Purchases and
Stockroom

Loans,
Rediscounts &
Acceptances
Protection
Telephone and
Telegraph
Building

Accounting
Check Collection
Non-Cash Collections
Files
Mail and Express
R.F.C. - Custody
Regulation W

Ration Banking
Withheld Taxes
Foreign Funds
Control
Commodity Credit
Corporation
Personnel

CASHIER
S• A• Brown

Fiscal Agency
(Treasury Functions)

ASSISTANT CASHIER
H. L. Stempel

ASSISTAliIT UAonxui
Hubert, G. Duck

January 1, 1945

February 10, 1945

ORGANIZATION CHART
OKLAHOMA CITY BRANCH
EDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
OKLAHOMA CITY BRANCH

DISCOUNT COMMITTEE

Vice President, Cashier,
and one Director

I
Qeneral Supervision
,- over branch
„ operations
Loans, Rediscounts,
. and Acceptances
Payroll and
disbursing
Building maintenance •
Personnel
Mail and Express
Purchasing and
stock rooqi *
Telephone and t e l e grapfcr

VICE PRESIDENT
0 . P. Cordill

Bank and Public
relations
Regulation V
Foreign Funds
Control
Filing and old
records
Duplicating
Regulation W
Reconstruction
Finance Corp.
Commodity Credit
Corp.

CASHIER
R. L. Mathes
ASSISTANT CASHIER
L. B. Davenport
ASSISTANT CASHIER
F , R. F r i t s

jFlaca^^ggncy
Government Depositories
New Issues and
Redemptions

Accounting
Currency and Coin
Government coupons

Custody of *
securities
Protection

ADMINISTRATIVE ASSISTANT
R. 0 . Wunderlich

Check Collection
Non Cash Collection
*

33 Vti ~
ORGANIZATION CHART
OUAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
•'"

BOARD OF DIRECTORS
OUAHA BRANCH

DISCOUNT COMMITTEE
Vice P r e s i d e n t , Cashier
and one D i r e c t o r
VICE PRESIDENT
L. H. Earhart
CALHILR
J. K. Friedebach

General Supervision
Over Branch

Personnel
Bank and Puolic

Operations
Loans, Rediscounts,
and Acceptances

Relations
Regulation V

ASSISTANT CASHIKH
U. S. Berry

Check Collections
Noncash Collections
Files
Mail and Express
Pay Roll and
Expenditures

Purchases and
Stockrooa
Telephone and
Telegraph

~3
Currency and Coin
S e c u r i t i e s and
Safekeeping
Coupons
Accounting

Member Bank Reserves
R.F.C. Custocy
Regulation V*
Protection

ASSISTANT CASHIER
W. P. Eoran

F i s c a l Agency Operations

Euiloing Maintenance
January 1, 1945

rwaxi

MMm um

r u>cwu c m

AMfnist

•OAK! or aoTHBun or n u

nDouo. n a m ntrnm
•aekLa«taa. '

>. a. CaiAaeU
or 9 1 1
1.

;*i«.««u,

C M I I

AtBlTW
J. I . Jaaa;

laxwrUAi Aonatm

•. AlleaAearfer
m s c n r i ootajurm
tttrea Dii»«i»r»>
I H 4 orrtM urf i n u t

AUBaUTt AMI attar
i n *oam
T. Br«M Bo»*

AuHtta*

ExptrtMiti

suooarr m a c r r a
{rreeleaat. r i

rr**leaat>;

1. - * l f

msaarr
L 1, U M I
• w

- a.

TM*«

O l l i a i a i CltJ -

J. c CUrtt, Jr.
I. A. I t e n m

nci maiaorr
C. 0 . l a r a y

MtirtiMi
-larerj

nat

TI3

nmi
D. I .

Ba«wlatlea t *
B u t Belatlaaa

MUlM
Talepaaae u l relecrepk

S l a t l e t U e U M i t aloe

r««t orrtH
auia« :

net

naat n c i «:

locUer

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J. I . -iaaa

0. r. eaitiu

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s. a.

H. L. S t a ^ a l

-octroi

Boar* l * | « l « l i > u a*4
luirtnuilou
operetta* Latter*
• c a r t * f D l r a e t o r * aaa
CoaaUttaa Beeoree

statietuai aaa
Saealal

Baeaere*

AattiaTAjrr T T I raasisarr
Joaa r a l U l a a , J r .

AMISTABT CASBin
I . r . Traar

It
•oaaaah O a U e e t l o a e
Traaefere e f raaaa
a a u e a CBaete
Oaaaral r i l a a

AMUR**? T I 3

a. A. arajan

ASS!9ttBT OABBUJB

a. a. I. rare

a. 0.

rayroil, lalfara. aedleal
kaolatioa • •
Baaa IteUtloee *

Octal aaiat S a e u r t t l a e • • a l a e u a * aa4 l e a a B f t l e a e
g e « l e t r e t l n a aa4 &aeaa«ea
Bar 9a<laca BeatAe S a l e * .
Kaaaraa. aa* Saate4j
floiaiaaiiat
Daaoaltaxlaa

at l a t a
i t w i m n Oaeeaaaa
Aeeeamtaa
Teealatlac Oait

ladu* t r i a l
fltbttaU Tai*

Caate4j a f B a e v r l t l e e
l a r t t a M aa4 Sale a f
Seearltlee f a r aaalir
Baaa* aa4 Otaare
lareataaarte aa* H U i
rajraeeaaa'
Pwreaaalag. a a y v l i e a . m a t t e * • t a l Be.*lpa*aM
CmetcAlaa f a r eTC

1944

ORGAKi:*;,'"TCN CHART
DEl.'VER BRAIJCH
FEDERAL RESERVE ,-*T!K ^F KANSAS CITY

3CA!'.: OF DIR^CO'T
Dri.'VR 3RAXCI!

DISCOUNT COWITTsK
Vice President, Cashier
and one Director

In charge of
Branch Operation

VTCH PRESIDENT
Federal Reserve.3ank
of Kansas City
J. E. Olson
CAttlT^R
S. A. Brown

ASSISTANT CASHIER
H. L. Stempel

Accounting
Check Collection
Non-Cash Collections
Reserves
Transfer of Funds
Personnel

Currency and Coin
Fiscal Apency
Securities and
Safekeeping
Payroll and
Disbursing
Purchases and
Stockroom

Loans and
Rediscounts
Protection
Telephone and
Telegraph
Building

Kail and Files
R.F.C.-Custody
Regulation If
Ration Banking
Withheld Taxes
Foreign Funds Control

August 5 , 1 9 U

ORGANIZATION CHART
OKLAHOMA CITY BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

C81VI333 H
6S&M

BOARD OF DIRECTORS
OKLAHOMA CITY BRANCH

—DISCOUNT COMMITTEE
Vice President, Cashier,
and one Director

VICE PRESIDENT
G. H. Pipkin

CASHIER
R. L. Mat.hes

Bank and Public
ASSISTANT CASHIER
General Supervision
Relations
L. B. Davenport
over branch
Activities related
operations
to Defense,
Loans, Rediscounts,
Including
ADMINISTRATIVE ASSISTANT
and Acceptances
Foreign Funds Control Regulation V
R. 0. Wunderlich

Check Collection
Non Cash Collection

August

5, 1944

Fiscal Agency
(Treasury Issues)
Protection

Accounting
Currency and Coin
Government Coupons

Payroll and accounting Purchasing and
stock room
Custody of securities
Building MainRegulation W
tenance
Personnel
Mail and Express
Telephone and
Telegraph
Reconstruction Finance
Files
Corporation

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORS
OMAHA BRANCH

DISCOUNT COMMITTEE
Vice President, Cashier
and one Director
VICE PRESIDENT
L. H. Earhart

CASHIER
0. P. Cordill
General Supervision
Oyer Branch
Operations
Loans, Rediscounts,
and Acceptances

Personnel
Bank and Public
Relations
Regulation V

ASSISTANT CASHIER
U. S. Berry

Check Collection
Noncash Collection
Accounting
Regulation W
Building Maintenance
Mail and Express
Purchase and
Stockroom

Securities and
Safekeeping
Currency and Coin
Fiscal Agency

Custody-R. F. C.
Government Coupons

Payroll and
Disbursing
Files
Telephone and
Telegraph
foreign Funds
Control
Protection

August 5, 1 9 U

FEDERAL RE RVE BATIK OF KANSAS CITY

OR! HIZATION CHART
FEDERAL RESERVE AGENT
R. 3. SflHteaU

30i

ASSISTANT FEDERAL
RESERVE AGENT
:.;. AJLlflfldflfirgg

BO*.'J OF DIRECTORS
R. :i. Cc ttvell, Chairman
'JTIVS COMMITTEE
(I ree Directors)

ALTERNATE ASSISTANT
FEDER.O. RESERVE AGENTS
T. Bruce Robb
Kenneth 3. Self

Statistical
Analytical
Research
Iibrary

FIRST VICE PRESIDED
Ne- -y 0 . Koppang

VICE PRESIDKT & CASHIER
P. ... ..ooliey
Bank Examinations

VICE PRESIDENT &. C A S H I E R
D. ... "./ooliey
Regulation T
Regulation D
Bank Relations
Building
Guards
T e l e p h o n e ft t e l e g r a p h
Post Office
Din in." Dooms
3=

VICE PBESID1
John Ihillips, Jr.

Regulation

Head Office and Brand)
Auditing Departments

RESIDENT
. G. Leed;

ASSISTHIT

lASSISTANT CASKIERI
E . U . Sher;-an

AUDITOR
. Z. Sandy

DIS/JUNT COMMITTEE
(Preside :, Vice Presidents
and ne Director)

FEDERAL RESERVE «GENTS
REPRESENTATIVES
Denver - '..'. R. Young
Oklahoma City - J. C.
Clarke, Jr.
Omaha - I. A. Thorntor

RESEARCH & STATISTICAL
3ruce F.obb, '-rr.

:J OF GOVERNORS

WAS INGTOH, D. C .

ASSISTANT CASHIER
^ . j . onerman

VICE PRESIDENT, GENERAL
COUNSEL A SECRETARY
::aymoni
..nix
Legal
F o r e i g n Funds C o n t r o l
Insurance
Board's Regulations *
Interpretations
General Letters

T-1

OMAHA
BRANCH

G. H. Pipkin
Managing
Director

L. H. Earhart
Managing
Director

ASSISTAIT CASHIER
M. ... 2. P a r k

S. P. Truer
w

Regulation "fl J. Z. Olson
Managing
Director

OKLAHOMA CTTY|
BRANCH

:r
ASSISTANT VICE PRESIDED
j . .v. Gregory
,

«S3ISTruT CASHIER

ierscnnel
Transit
Pay Roll
Noncash Collections
.,elf are & Medical
Transfer of Funds
Ration Checks
General Piles

DEI-VER
3RANCKI

Government depositories
Nev; Issues and Redemptions
Registration and Exchange
/ a r S a v i n g s Bonds S a l e s ,
R e c o r d s , and Custody

Member Bank Bncasn
Govcrrj.'jnt Coupons
d i s c o u n t s and
accounting
loans
T a b u l a t i n g Unit
I n d u s t r i a l Loans

Syste::. Open Market a c c o u n t
RFC C u s t o d i a n
Records
Custody of S e c u r i t i e s
P
u
r c h a s i n g , Stockroom,
P u r c h a s e and S a l e of
Duplicating, Multiliths e c u r i t i e s f o r member
i n g , Equipment
banks
p u r c h a s e and s a l e of T r e a s u r y
B i l l s f o r Qgn .-i.ee cunt

June 1 , 1943

FEDERAL B E g m BANK or KAKBAS

ORCANIZATIGH CHART
BOARb OF GOVEKKURS
•ASHDCTON. D. C.

m U S A l . RESERVE AGENT
a . B.
?, Caldmell
W
RESERVE AOINT
M. A l l a c d o a r f a r

ISE^liaJT
H. 0 . Leedy

Denver • I . 8 . Young
Oklahoma C i t y - J . 0 .
Clarke, J r .
Omaha - I . A. Thornton

FIRST VICE PRESIDENT
ii, o , Koppang

GENERAL COUNSEL
(Vacant)
Legal
Board's R e g u l a t i o n s
* Interpretation*
General L e t t e r s

VICS PRESIDBT 4 CASHIER
J . V. Helm

VICE PRESIDENT
D. W. Woolley

VICS PRESIDENT
P. W. i c o l l e y
Bank SituUtot Ions
Supervision of S t a t e
Bank Members
National Bank
Reports
C o n d i t i o n , Earnings,
* Dividends
Report a

Regulation T
Regulation 0

Accounting
Building
Guards
Trucks
T e l e ; h o n e 4.
Telegraph
Reserves 4 I n t e r d i s t r i c t Sett;*ment Fund
PayrclJ 4 D i s bursing

USSISTANT CASHTJtR
I . 0 . Sherman

ASSISTANT CASHIER
P . Tyner

Transit

Noncash
Transfer
Collections of funds

Cheek Collections Country and By Hall
Remittances
C lty
and
Government Cheeks
TeleReturn Xtaaa
graph
Clearing House
General File*

F i s c a l Agency
Government D e p o s i t o r i e s
New l a s u e s and Redemptlona
R e g i s t r a t i o n and Exchange
f a r S a v i n g s Bonds S a l e s ,
Records, and Custody

Post O f f i c e
lnsisrar.ee
Welfare 4
Medical
Cafeteria
Rentier Bank
Reserves
I* .S .Treasurer' a
Generel Acct.
Ret1recent
Syatec

c:r~

UENVER
BRANCH

OKLAHOMA C

OUAHA
BRANCH

BRANCH

Foreign Funds
J . E. Olson
Contrcl
Managing
Defer.se Contract D i r e c t o r
Officer

0 . H. Pipkin
Managing
Director

L. H. Earhart
Uanaging

Director

ASSISTANT VICE PRESIDENT
0 . A. Gregory

ASSISTANT VICE PRESIDENT
John P h i l l i e s . J r .

Regulation *
Bank Helatlona

Head Off la* and Branch
Audit'.Lg Departments

*~DLSCISM cox'iTTES'
( l T e s i d e o t , Vice i T e a l d e n t s ,
and ona D i r e c t o r )

FEDERAL RESERVE AGENTS
REIKESENTATIVBS

Stat let leal
Analytical
Research
Library

A. l a r d a l l

EXBCITIV2 Ca'A'ITTES
(Three Direct ore)

ALTERNATE ASSISTANT
FEDERAL RESERVE AGENTS
T . Brae* Robb
Kennetb B. S e l f

RESEARCH a STATISTICAL
T . Bruce Robb. Mar.

~AUT:TCS

BCARD CF DIRECT*. «£:
ft. B. C a l d w e l l . Chairman

ASSISTANT raaauu

Loans

Investments

Custodies

Member Banks
Member Bank Redis- Investments and
B i l l s purchased R.F.C;C.C.C;
counts 4 Loans
y.+.k;
and
Purebese and S a l e
Credits
Other Govof s e c u r i t i e s
I n d u s t r i a l Loans
ernment
for Member Banks
Regulation V
Agencies
F a i l e d Banks

ASSISTANT CASHIER
M. W. E . Park
Money Detartaent

Personnel

Currency 4 Coin Interviewing 4
U. S . Government
Employment
Coupons
Education 4
Training
Informat 1 on 4
Pages

General S e r v i c e
Purchasing
Stockroom
Duplicating
Multlllthlng
Equipment
Repairs

Current
Archives
July 1J, 1?42

ORGANIZATION CHART
DENVER BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY
BOARD OF DIRECTORS
DENVER BRANCH

DISCOUNT COMMITTEE
Managing Director, Cashier
and one Director

MANAGING DIRECTOR!
J. E. Olson

General Supervision
Over Branch
Operations
Loans, Rediscounts,
and Acceptances
Personnel
Bank and Public
Relations

Building
Telephone and
Telegraph
Protection
Activities Related to
Defense, Including
Regulation V

CASHIER
S« A. Brovm

ASSISTAN T CASHIER
H. L. Stempel

Accounting
Check Collection
Transfer of
Funds
Reserves

Currency and Coin Fiscal Agency
Government Coupons Payroll and
Securities and
Disbursing
Safekeeping
Purchasing and
Noncdsh Collection
Stockroom

Mail
Files
Custody-R.F.C.
Regulation W
Foreign Funds Control
July 13, 1942

ORGANIZATION CHART
OKLAHOMA CITY BRNACH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORS
lOKLAHOMA CITY BRANCH

DISCOUNT COMMITTEE
Managing Director, Cashier
and one Director

MANAGING DIRECTOR
G. H. Pipkin

CASHIER
R. L. Uathes
General Supervision
Over Branch
Operations
Loans, Rediscounts,
and Acceptances
Personnel

Bank and Public
Relations
Foreign Funds Control
Activities Related to
Defense, Including
Regulation V

ASSISTANT
[NT CASHIER
L. .B. Davenport

Government Issues (InAccounting
cluding War Savings
Currency and Coin
Bonds and Tax Notes)
Government Coupons
Reconstruction Finance
Custody -of
Corporation
Securities
Protection
.

Check Collection
Files
Noncash Collection
Mail and Express
Regulation W
Telephone and
Payroll and Disbursing
Telegraph
Purchasing and.
Building MainStockroom
tenance

July 13, m 2

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF DIRECTORS
OMAHA BRANCH

DISCOUNT COMMITTEE
Managing Director, Cashier
and one Director

MANAGING DIRECTOR
L. H. Earhart

CASHIER
0. P. CordilU
General Supervision
Over Branch
Operations
Loans, Reidscounts,
and Acceptances
Personnel

Bank and Public
Relations
Activities Related to
Defense, Including
Regulation V

ASSISTANT CASHIER
U. S. Berry

Check Collection
Noncash Collection
Accounting
Regulation W
Building Maintenance
Mail and Express

Securities and
Safekeeping
Currency and Coin
Fiscal Agency

Custody-R.F.C.
Government Coupons
Foreign Funds Control

Purchase and
Stockroom
Payroll and
Disbursing
Files
Telephone and
Telegraph
Protection

July 13, 1942

0KM1IIZATICH CHART

January 1 , 1 ° 4 1

FEDERAL RESERVE BANK OT KANSAS CITT
(BEAD O t T I C I )

FEDERAL RESERVE AGENT
R. B . C a l d w e l l

BOARD OF GOVERNORS
WASHINGTON, D . C .
i

-L-

ASSISTANT FEDERAL
RESERVE ACXNT
H. K. Rhodee

DISCOUNT COMMITTEE

Statutory Functions:
Federal Reserve Note Issues
Custody of Collateral to
Federal Reserre Notes

( r r e s l d e n t , Vice P r e s i d e n t s ,
and One Director)
~ i
__rr
PRESIDENT
Ceo. H. Hamilton

VICE PRESIDENT, GENERAL COUNSEL,
AND SECRETARY TO BOARD
AND ALL CCUflTTEES
H. G. L e e d y

VICE PRESIDENT AND CASHIER

a
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FIRST VICE PRESILIENT
C. A. Worthlngton

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L . H. S a r h a r t

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C . H. P i p k i n

CASJOER
G. A . G r e g o r y

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ASSISTANT CASHIER

ASSISTANT CASHIER
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ORGANIZATION CHART
DENVER BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

January 5 ,

1940

BOARD OF GOVERNORS
WASHINGTON, t . C .

BOAJD OF DIRECTORS
FTEERAL RESERVE BANK OF KANSAS CITY
_R_. B. C a l d w e l l , Chairman

ABKTOB
'. A. Ward* 11

FEDERAL RESERVE BANK OF KANSAS CITY
Gao. H. Hani H o n , P r e s i d e n t
C. A. W o r t h l n g t c n , F i r s t V i c e F r e a i d e n t
J . W. Helm, V i c e F r e s l d e n t and C a s h i e r
LH* g « I — * ? » v l c e P r e s i d e n t and G e n e r a l Ccun.=.el

BOARD Z? tlRECTORS
DENVER BRANCH

CISC OUST COVJaTTEE
U&i^gir^ D l r a c t o p , C a s h ! * :
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MANAGING DIRECTOR
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CASHIER
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January 5 , 1 9 4 0

OMAHA BRANCH
PTDtBAL REJEKVr BANK OF KANSAS CITY

n X Z R A l RS>£KV£ AGENT
l i . B. C a l d w e l l

BCARL OF G07ZRNORS
WASHINGTON, E . C.

BOARL OF tlRSCTORS
FHJSRAI RESTRVT BANK OF KANSAS CITY
R. B. C a l d w e l l , Chalraan

ACDITCR
. A. WaxdeU

FKLKRAX RESERVE BANK OF KANSAS CITT
Geo. H. H a m i l t o n , P r e s i d e n t
C. A. Worthingxcn, F i r s t V i ; e P r e s i d e n t
J . W. HeLr., V i c e P r e s i d e n t and C a s h i e r
. Laedy, V i s e P r e s i d e n t and G e n e r a l Counsel

BOARL 0 ? DIRECTORS
OMAHA BRANCH
SECRETARY

G. A. Gregory

D3SC00WI COMMITTEE
Managing D i r e c t o r , Caehi<
and one Lir«»c*.or

MANAGING DIHBCTOR
L. H. Earhart

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ORGANIZATION CHART
FEDERAL RESERVE BANK 0? KANSAS CITY f
(HEAD OFFICE)
BOARD OF GOVERNORS
WASHINGTON, D. C.
FEDERAL RESERVE AGENT
R. B . C a l i w e l l
BOARD 0.* DIRECTORS
<. B. C a l d w e l l , Chairman
ASSISTANT FEDERAL
RESE.flE AGENT
H. H. Rhodes

EHSCOTIVS COaaTDBJ
(Threfl D i r e c t o r s )

S t e t - j t o r y ?u:;i - tl i t s ;
F e d e r a l R e s e r v e Note I » » M
C u s t o d y of C o l l a t e r a l t o
F e d e r a l R«3erve N o t e s

Discoufi coianras
( P r e s i d e n t , Vice P r e s i d e n t s ,
and One D i r e c t o r )
PRESIDENT
Geo. H. Hamilton
Bank S x a a l a a t l o o s — C r e d i t Department
Loins, Rediscounta t Acceptances
I n d u s t r i a l L o a n s — R e t i r e m e n t System
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•

ORGANIZATION CHART
DENVER BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

FEDERAL RESERVE AGENT
R. B. Caldwell

January 10, 1*59

BOARD OF GOVERNORS
WASHINGTON, t . C.

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BOARD OF DIRECTORS
FEDERAL RESERVE BANK OF KANSAS CITY
R. B. Caldwell, Chalnian

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AUDITOR
S. A. Wardell

FEDERAL RESERVE BANK OF KANSAS CITY
Geo. H. Hamilton, President
C. A. Worthington, First Vice President
J. W. Helm, Vice Fresldent and Cashier
0. Leedy, Vice President and General Counsel)
BOARD OF DIRECTORS
DENVER BRANCH

SECRETARY
S.A.Brown

DISCOUNT COMMITTEE
Managing D i r e c t o r , Cashier
and one Director
MANAGING DIRECTOR
7 o s . E. Olson
CASHIER
S. A. Brown
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ORGANISATION C!1ART
OKLAHOMA CITY BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

FEDERAL RESEKVF AGENT
R. B . C a l d w e l l

J a n u a r y 10,

1939

BOARD OF GOVERNORS
WASHINGTON, I . C.

SOAR! OF DIRECTORS
FEDERAL RESERVE BANK OF KANSAS CITY
R. B . C a l d w e l l , C h a l r m n n

AUDITOR
A. Wart*ell

FEDERAL RESERVE BANE OF KANSAS CITY
S e c . H. H a m i l t o n , P r e s i d e n t
C . A. W o r t h l r . g t o n , F i r s t V i c e F r e 3 l d e n t
J". *'. Helm, V i c e P r e : i'.er.t dnd C a s h i e r
G. L e e d y , V i c e i T e e l d e n t and G e n e r a l C o u n s e l

BOARD OF DIBECTCRS
OKLAHOMA CITY BRANCH
SECRETARY
Ri 0 . W u n d e r l i c t

DISCOUNT C01BQTTEE
i'j-.nsging D i r e c t o r , C a s h i e r
and one D i r e c t o r

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Reserves A I n t e r - d l s t r l e t
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Shipping o f Currency,
C o i n , and S e c u r i t i e s

B u i l d i n g , Cuarde,
and Tracks

Uit

P o s t O f f i o e , Ordinary
and R e g i s t e r e d Mall
P a y r o l l and D i s b u r s i n g

P u r c h a s i n g , Stockroom,
Duplicating
Equipment Repairs

Telephone 1 Telegraph

Departmental Heoords
Reports and S t a t i s t i c s

Insurance
Welfare k Medical
Cafeteria

•i

F i s c a l Agency Operations
( I n o l . FFMC, HOLC, and FCA)
N<nr I e s u e s and Redemptions
Adjusted S e r r l c e Ponds

R e g i s t r a t i o n k Exchanges
COTerrcBiit D e p o s i t a r i e s

it 9

-.eneral F i l e s V A r o h l r e s

Bank Examinations
S t a t s Bank Members
Bank R e l a t i o n s

i ||

April 20,

ORGANIZATION CHART
DENVER BRANCH
FEDERAL RESERVE BANK OF KANSAS CITY

BOARD OF GOVERNORS
WASHINGTON, D.C.

FEDERAL RESERVE AGENT
J . J . Thomas

BOARD OF DIRECTORS
FEDERAL RESERVE BANK OF KANSAS CITY
J. J. Thomas, Chairman

AUDITOR
S. A. Wardell

FEDERAL RESERVE BANK OF KANSAS CITY
Geo. H. Hamilton, President
C. A. Worthington, First Vice President
J. W. Helm, Vice President and Cashier
H. G. Leedy, Vice President and General Counsel

BOARD OF DIRECTORS
DENVER BRANCH
SECRETARY

S.A.Brown

DISCOUNT COMMITTEE
Managing Director, Cashier
and one Director
MANAGING DIRECTOR
Jos. E. Olson

CASHIER
S. A. Brown

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ORGANIZATION CHART
OKLAHOMA CITf BRANCH
FEDERAL RESERVE HANK OF KANSAS CITY

EDERAL RESERVE AGENT
J . J . Thomas

;

BOARD OF GOVERNORS
WASHINGTON, D. C.

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BOARD OF DIRECTORS
FKDffiAL RESERVE BANK CF KANSAS CITY
J . J . Thomas, Chairman

AUDITOR
S. A. Wardell

FEDERAL RESERVE BANK OF KANSAS CITY
Geo. H. Hamilton, P r e s i d e n t
C. A. Worthington, F i r a t V i c e P r e s i d e n t
J . W. HeLn, V i c e P r e s i d e n t and C a s h i e r
H. G. Leedy, Vice P r e s i d e n t and General Counsel

BOARD OF DIRECTORS
OKLAHOMA CITY »ANCH
I

SECRETARY
R. 0. Wunderlich

DISCOUNT COMJUTTEE
Managing D i r e c t o r , C a s h i e r
and one D i r e c t o r

MANAGING DIRECTOR
C. E. D a n i e l

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April 2 0 , 1958.

ORGANIZATION CHART
OMAHA BRANCH
FEDERAL RESERVE BANK OF KANSAS CITT

BOARD OF GOVERNORS
WASHINGirON, D. C.

FEDERAL RESERVE AGENT
T. J , Thomas

BOARD OF DIRECTORS
FEDERAL RESERVE BANK OF KANSAS CITY
J. J . Thomas, Chairman

AUDITOR
S . A. Wardell

FEDERAL RESERVE BANK OF KANSAS CITY
Geo. H. Hamilton, P r e s i d e n t
C. A. Worthington, F i r s t Vice President
J*. W. Heln, Vice President and Cashier
H. G. Leedy, Vice President and General Counsel

BOARD OF DIRECTORS
OMAHA BRANCH
SECRETARY
G.A.Gregory
DISCOUNT COMMITTEE
Managing D i r e c t o r , Cashier
and one D i r e c t o r

MANAGING DIRECTOR
L. H. l a r h e r t
CASHIER
G. A. Gregory
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ASSISTANT CASHIER
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Septenber 17. 1937.

FISCAi AGHICT

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11

i 1115

i ItaaE 1

FINANCING AGRICULTURE
THROUGH

COMMERCIAL BANKS

By
R. J. DOLL and E. N. CASTLE
Agricultural Economists

FEDERAL RESERVE BANK OF KANSAS CITY

FOREWORD
In a large part of the Tenth Federal Reserve District, commercial banks are highly dependent on agriculture for their earnings. It is not unusual for agricultural loans to account for two thirds of the total loan
volume of a bank.
In recent years, farmers have been using a record
amount of goods and services for producing agricultural products and have been paying record prices for
them. This has created an increasing need for operating capital in agriculture, which has made it necessary
for farmers to borrow more money to operate their
businesses. There has been a tendency for farmers to
use more short-term credit as compared with longterm credit. Since commercial banks provide relatively
more short-term than long-term credit, they have become more important in the field of agricultural
finance.
These developments emphasize the need for more
information on financing modern agriculture. In this
study, the Federal Reserve Bank of Kansas City has endeavored to provide information that will be useful to
commercial bank officers and others interested in agricultural finance. An effort has been made to analyze
the amounts and kinds of credit used by agriculture and
to study the methods and procedures used by commercial banks in extending such credit.
H. G. LEEDY

April 1954

PRESIDENT

CONTENTS
Page
SUMMARY

THE ROLE OF COMMERCIAL BANKS IN FINANCING AGRICULTURE

Operating Capital Requirements
Use of Credit in Agriculture
Interests Affecting the Lending Process
of Commercial Bankers

11
14
18

SOURCE OF PRIMARY INFORMATION

The Areas Studied
The Banks Selected
Adequacy of the Sample

20
22
23

PROCEDURES USED BY COMMERCIAL BANKS

Applying for a Loan
Kinds of Loans Made
Provision for Repayment
Correspondent Bank Connections
Personal Control of Bank Credit
Supervision

25
28
30
31
33
35

AGRICULTURAL CREDIT EXTENDED BY COMMERCIAL BANKS

Purpose of Agricultural Bank Loans
Security of Agricultural Bank Notes
Interest Rates of Agricultural Bank Loans
Terms of Agricultural Loans

„

36
38
39
44

TABLES
Page
1. Average Total Deposits and Average Volume
of Loans and Discounts Per Bank for All Banks
in Areas Sampled and for Sample Banks, June 30, 1953

-23

2. Major Purpose of Agricultural Loans

3. Agricultural Notes by Type of Security

4. Interest Rate Charged on Agricultural Loans

5. Interest Rates by Sampling Units

6. Relation of Interest Rate to Volume and Size of Loan

7. Major Purpose of Loan by Interest Rate

8. Agricultural Loan Volume by Term of Loan

9. Term of Note by Major Purpose of Loan

.46

10. Method of Repayment

ILLUSTRATIONS
Fig. 1. Production Expenses and Prices Paid by Farmers

Page
12

Fig. 2. Farm-Mortgage Debt Held by Major Lenders

Fig. 3. Real-Estate and Nonreal-Estate Farm Debt

Fig. 4. Nonreal-Estate Farm Loans by Principal Lending Institutions

Fig. 5. Areas Sampled in the Tenth Federal Reserve District.

Fig. 6. Association Between Interest Rate and Size of Loan.

Additional copies of this publication are
available upon request. Write to the Research Department, Federal Reserve Bank
of Kansas City, Kansas City 6, Missouri.

FINANCING AGRICULTURE
THROUGH

COMMERCIAL BANKS
SUMMARY
have required more operating capital during recent years.
Although much of the additional capital has been provided by the
farmers themselves, borrowing also has increased. Furthermore, this
need for operating capital has caused a greater demand for nonrealestate farm credit than for real-estate credit. Since commercial banks
specialize in extending nonreal-estate farm credit, they have become
relatively more important in financing agriculture during the last
decade. If lenders and borrowers are familiar with trends in the use
of agricultural credit and the methods and procedures used in extending such credit, it can be used more effectively. This analysis of data
taken from a random sample of banks located in the western Gorn Belt
Fringe area and the Flint and Osage Hills area (sometimes referred
to as the Bluestem Belt) gives some indication of the methods and
procedures used by commercial banks in financing agriculture.
IHARMEES

Commercial banks contacted in the study followed an established
procedure in interviewing loan applicants. This procedure varied,
depending on the particular bank. Previous experience with each
applicant, how well the applicant was known, the amount and purpose of the loan, and a number of other factors were considered In
general, an effort was made to obtain enough information to enable
the banker to invest the bank's funds wisely.
Financial statements were used extensively, but under widely varying conditions. In some cases, financial statements are required by
banking regulations. A majority of the banks, however, made greater
use of financial statements than is required by banking regulations.
Operating statements were used in limited instances.

Since the banks studied were located in rural areas, approximately
two thirds of their total loan volume was composed of agricultural
loans. The bankers interviewed liked agricultural loans as investments. Livestock, cattle, and cattle-feeding loans were mentioned most
frequently as preferable types of agricultural loans. Straight crop loans,
barnyard loans, and machinery loans were mentioned most frequently
as being the least preferable types of farm loans. Approximately two
thirds of the bankers indicated that they were making or would like to
make loans for farm development purposes. A very small number
actually were making this type of loan.
Almost all of the banks granted an instalment-type loan if it was
needed. Provision for repayment in either regular or irregular instalments also was made by almost all commercial banks. In every instance, the banks interviewed charged interest only for the actual
period during which the money was used. With one exception, however, all banks made a minimum interest charge which ranged from
25 cents to $1.50, and probably did not cover the actual cost of making
the loan. The banks did not have a definitely established policy of
charging for mortgage recording and inspection fees. Most banks
charged recording fees under certain conditions. In most instances,
no charge was made for inspection. However, the policies varied widely
from bank to bank.
In order to serve completely the credit needs of their local communities, it frequently was necessary for the rural banks to have correspondent bank connections. Almost all of the banks studied had such
connections in case they were needed, but the degree to which they
were being used at the time of the survey varied widely.
The fact that commercial banks must maintain a relatively liquid
position has caused them to concentrate on using their funds for shortterm loans. More credit was extended for the purchase of livestock
than for any other purpose. The second largest volume of funds was
loaned for payment of operating expenses. A considerable volume of
credit also was extended for financing a combination of two purchases,
8

the purchase of machinery, and the purchase of real estate. Other
purposes for which loans were made were relatively insignificant.
Approximately a third of the total loan volume extended by the
commercial banks studied was secured by livestock. Slightly more than
a fourth of the volume was secured by a combination of two farm
assets, and about the same volume was loaned without formal security
on the basis of a financial statement. A relatively small percentage of
the total volume was secured by farm real estate, machinery, and barnyard-type assets. Other types of security, each of which accounted for
less than 1 per cent of total loan volume, included endorsement, crops
in storage, growing crops, and G. I. guarantee.
Interest rates charged by commercial banks varied, depending on size,
area, purpose for which loan was made, security, the individual, and
a number of other factors. It was not possible to determine the variation in rates caused by each factor because of the large number and the
various interrelationships that existed among them. Size of note apparently reflected much of the variation in interest rates, since there was a
close relationship between size of note and interest rate. As the average
size of note increased, the interest rate rather consistently declined. This
does not mean that size of note was solely responsible for variation in
the interest rate. Size may have been closely correlated with the credit
rating of the individual being studied, with security, or with one of
the other factors that has a bearing on interest rate. However, the close
relationship of the different factors influencing interest rate is reflected
through variation in size. Since commercial banks frequently make a
large number of small loans, their interest structure may be partially
explained by this relationship between size of note and interest rate.
Size of note varied more by banks than by borrowers within banks.
Therefore, if some banks have a large number of small notes, it is
likely that their interest rates will be higher than if they held larger
notes.

THE ROLE OF COMMERCIAL BANKS IN
FINANCING AGRICULTURE
economic problems now confronting farmers
^ • ^ has been created by a rapid increase in the operating capital required for efficient production in agriculture. Rapid changes in production techniques, increased prices for items farmers must buy, and
the need for a record volume of agricultural production have caused
operating capital requirements for agriculture to increase sharply during the war and postwar years. To produce efficiently, farmers had to
introduce innovations, which generally required rather large capital investments. Although much of the increased operating capital was
supplied by farmers themselves, increasing amounts were borrowed.
Nonreal-estate farm loans were relied upon increasingly during this
period, and commercial banks became relatively more important in
the agricultural loan field, since they emphasized nonreal-estate loans
as compared with real-estate loans.
/ " " A N E OF THE MAJOR

It has been estimated that commercial banks are providing nonrealestate credit for about 60 per cent of the farmers in the Tenth Federal
Reserve District.1 Since only about two thirds of all farmers have been
using nonreal-estate credit from the principal lending institutions, it
becomes apparent that commercial banks financed about 90 per cent
of the farmers who received nonreal-estate credit from principal lending institutions. In recent months, agricultural prices and incomes have
declined. This has caused the volume of nonreal-estate farm loans,
exclusive of Commodity Credit Corporation loans, to decline from
previous levels. However, basic factors in the agricultural economy
make it unlikely that nonreal-estate debt will again become as small
a proportion of total debt as it was prior to World War II.
The purpose of this study is to present information concerning the
lending practices of commercial banks, in the belief that such informa1 Agricultural Commission, American Bankers Assocuaon, Agricultural Crtdit tnd
19)3, PP. 18-19.

RtUttd

Dtts

tion will give those interested in agricultural finance a better insight
into agricultural credit problems. It is hoped that the study will be of
value to lenders, borrowers, and educational agencies which provide
instruction in agricultural finance. In the subsequent analysis, both
primary and secondary sources of data will be utilized.
Operating Capital Requirements

Operating capital is needed in agriculture to finance production expenses and nonreal-estate investment items. The total amount of production expenses incurred by farmers is determined by the quantity of
goods and services they use and by the prices they pay for these goods
and services. If the quantity remained constant, an index of total production expenses would vary with the fluctuations in the index of
prices paid by farmers. On the other hand, if the quantity of goods and
services increased while prices paid by farmers remained constant, the
index of total production expenses would go up in accordance with
the increased quantity used. If both physical quantity and prices increased, the index of total production expenses would rise more rapidly
than the index of prices paid by farmers for goods and services.
Figure 1 shows that these indexes fluctuated together from 1910
until the mid-1930's. Since the mid-1930's, however, the index of
total production expenses has increased more than twice as rapidly as
the index of prices paid by farmers. Total production expenses for all
farmers in the United States were almost four and one-half times
larger in 1953 than during the mid-1930's, and about two and onehalf times larger than at the time of the 1920 peak following World
War I. About half of the increase in total production expenses since
the mid-1930's has been accounted for by higher prices paid by farmers
for goods and services. The remaining half represents a larger quantity
of goods and services purchased. In this respect, the increase in total*
production expenses from the mid-1930's to 1951 was in contrast with
that which took place from 1915 to 1920, when practically all of the
increase was accounted for by the higher prices farmers were required
to pay for goods and services.

Figure 1. PRODUCTION EXPENSES AND PRICES PAID BY FARMERS
l9M-3t«IOO

SOKA,

I I I I I

1910
'15
20
'25
'30
-39
SOURCE: Calculated from U. S. Department of Agriculture data.

'40

Adoption of technological improvements has accounted for the
increasing quantity of goods and services purchased by farmers since
the mid-1930's. Many of these improvements were perfected prior to
the mid-1930's, but they were not used by farmers to any appreciable
extent then because of the generally unfavorable profit ratios and
unemployed resources in agriculture. Prosperous conditions on the
Nation's farms during the 1940's, along with a relative shortage of
many resources, provided an incentive for farmers to adopt progressive
methods and encouraged research workers and technicians to develop
better and more efficient methods for producing agricultural products.
These factors have brought about a high rate of mechanization in
American agriculture during the last quarter century. Thus, the quantity of goods and services farmers must purchase has increased. With
modern equipment, it is necessary for farmers to buy fuel, oil, and
electrical energy with cash, while under the old system of farming, a
major part of the energy needed for power was produced on the farm.
In addition to purchasing energy, farmers today need much more elab12

orate and expensive equipment. This causes production expenses, such
as machinery depreciation, repairs, taxes, insurance, and obsolescence,
to be much more important than previously. Power equipment and
electrical energy have enabled farmers to produce agricultural products much more efficiently in terms of labor requirements, but their
use has caused cash production expenses to become significantly more
important.
Other items that farmers have purchased in increasing quantities
during recent years include fertilizers, insecticides, chemicals for weed
and disease control, hybrid seed, certified seed, commercial feed, biological supplies, and various types of professional services. Use of these
goods and services causes cash production expenses in agriculture to
increase, and these additional expenses must be financed.
Insofar as these additional production expenses result in increased
agricultural output, such expenditures can be considered as an expansion in the size of the agricultural industry. A knowledge of production
expenses on a per unit of output basis is useful in determining the extent to which increased total expenses in recent years represent an expansion in the size of the agricultural industry. In an effort to develop
an index of production expense per unit of output, the index of total
production expenses was adjusted for variation in physical output by
dividing it by the Department of Agriculture's index of physical agricultural production.
This index of production expense per unit of output also is shown in
Figure 1. Total and per unit production expenses followed the same
general trend rather closely from 1913 to the mid-1930's. Since the
mid-1930's, total production expense has increased at a much more
rapid rate than per unit production expense, although production expense per unit of output has increased more rapidly than prices paid
by farmers. This verifies the previous assertions that total production
expense increased because larger physical quantities of goods and services bought for cash were used per unit of output, prices of these goods
increased, and the agricultural industry expanded in size.

Another significant factor is that the number of farms has declined
approximately 20 per cent since the mid-1930's, while total farm production expenses have increased almost 350 per cent. Thus, requirements for operating capital on a per farm basis have increased substantially more than the 350 per cent increase in total expenses.
Use of Credit in Agriculture

The large increase in use of operating capital by farmers during
recent years can be attributed principally to (1) acceptance of technological innovations, (2) development of more efficient farm organizations, and (3) increasing prices that farmers have been required to
pay for goods and services. These developments also have influenced
the type of credit needed by farmers.
During the early part of this century, land was a more important
part of total farm investment than it is now. In 1910, about 85 per
cent of the farm investment in real estate, machinery, and livestock was
accounted for by land and buildings. This proportion was maintained
until 1930, when it began to decline rather consistently, reaching about
Figure 2. FARM-MORTGAGE DEBT HELD BY MAJOR LENDERS*
BILLIONS OF DOLLARS
It

BILLIONS OF D 0 L L A M
12

•50
E 3 INDIVIDUALS AND OTHERS
B H LIFE INSURANCE COMPANIES
E 3 INSURED COMMERCIAL BANKS

I H FEDERAL LAND BANKS
•
FARMERS HOME ADMINISTRATION

•As of January 1, each year.
SOURCE: U. S. Department of Agriculture.

'95

H I FEDERAL FARM MORTGAGE CORPORATION
£ ~ J JOINT STOCK LAND BANKS'

73 per cent in 1952. Of the farm investment items listed in the census,
machinery on farms has shown the greatest rate of growth.2 This
growth in capital requirements for equipping farms, the trend toward
speciali2ation and commercialization, the development of more efficient
farm organizations, changing price relationships, and the introduction
of other new techniques which tend to substitute cash for noncash costs
all influence the amount and kind of credit needed by agriculture.
Farm-mortgage debt increased rapidly from 1910 to 1923, declined
quite substantially from 1923 to 1946, and has increased at a moderate
rate since 1946. On January 1, 1954, it was estimated that farm-mortgage debt was $7,800 million, compared with the record high of
$10,786 million on January 1, 1923.
Currently, the major sources of farm-mortgage credit are life insurance companies, Federal Land Banks, commercial banks, the Farmers
Home Administration, and individuals and others. During previous periods, joint-stock land banks and the Federal Farm Mortgage Corporation held a considerable amount of farm-mortgage debt.
In recent years, commercial banks have held approximately 15 per
cent of the outstanding farm-mortgage debt. Commercial banks, because of the nature of their operations and laws which limit the kind
and amount of their farm-mortgage loans, are not as active in extending
this type of credit as in extending nonreal-estate farm credit.
Two series of data that indicate the trend in use of nonreal-estate
debt by farmers currently are available. Data from 1910 to the present
are available on nonreal-estate loans made to farmers by principal
lending agencies—commercial banks, Production Credit Associations,
Federal Intermediate Credit Bank discounts for other lenders, Regional
Agricultural Credit Corporation, Commodity Credit Corporation, and
Farmers Home Administration. An estimate of total nonreal-estate
farm loans outstanding is available from 1940 to date. The second
2 Iawrence A. Jones, "Agriculture's Use of Credit." Agricultural finance Rniew, U. S. Department of
Agriculture, Washington, D. C , Volume 10, November 1947, pp. 14-13. Agriculturt 1950, A Graphic
Summary, Special Report Volume V-part 6. Bureau of the Census, U. S. Department of Commerce; and
Bureau of Agricultural Economics, U. S. Department of Agriculture.

Figure 3. REAL-ESTATE AND NONREAL-ESTATE FARM DEBT*

"I ' ' ' ' * ' ' . . 1 . . . . I . . . . I . . . .
1 . . . . I , , . , I i . i i I i l l lo
1910
'15
'20
'S5
"JO
'35
'40
4S
'90
"54

*As of January 1, each year.
SOURCE: U. S. Department of Agriculture.

series is more useful for depicting the trend in the use of nonreal-estate
farm debt, because it includes all types of lenders. However, since the
series is available only since 1940, it is advisable to include the series
on loans made by principal lending agencies for comparative purposes.
In the United States, nonreal-estate farm loans held by the principal
lending institutions increased quite rapidly from 1910 to 1921. This
rise can be attributed largely to increased capital needs because of the
higher prices paid by farmers for goods and services. During 1920,
prices received by farmers dropped sharply and became relatively
unfavorable in relation to prices paid. Except for the latter half of the
1920's when it recovered somewhat from the sharp drop suffered in
the early 1920's, net farm income declined drastically from 1920 to
1932 and remained relatively low during 1933 and 1934. During this
period, nonreal-estate farm loans held by the principal lending institutions declined abruptly. Since 1934, a substantial increase in nonreal-estate farm debt held by principal lending institutions has been
caused by a succession of technological changes which necessitated sub16

stitution of cash costs for noncash costs, increasing prices paid by
farmers for goods and services, and a period of favorable net incomes
which encouraged a high level of production.
Currently, nonreal-estate farm loans made by the principal lending
agencies are passing again through a period of readjustment as farm
prices are declining. However, modern agriculture is so organized that
farmers will continue to need a large volume of nonreal-estate credit.
Agencies providing this type of credit will continue to have more
responsibility in financing agriculture than they had several decades
ago.
From 1910 to 1920, commercial banks were the only lending institutions (excluding individuals and private business firms) that extended nonreal-estate credit to farmers. In 1921, $3.5 million in federal funds were made available for emergency crop and feed loans to
farmers. Since then, a number of agencies have been established to
provide nonreal-estate credit to farmers. The three principal agencies
to evolve in addition to commercial banks are the Production Credit
Associations, the Farmers Home Administration, and indirectly, the
Figure 4. NONREAL-ESTATE FARM LOANS BY PRINCIPAL
LENDING INSTITUTIONS*
BILLIONS OF DOLLARS

1910

*I5

'20

"25

t '"«4 ACTIVE COMMERCIAL BANKS
l ^ J ACTIVE COMMERCIAL BANKS
nrnmim PRODUCTION

[
J REGIONAL AGRICULTURAL CREOIT CORPORATIONS
L , , . . i AND FARMERS HOME ADMINISTRATION

C R E D I T ASSOCIATIONS AND I N T E R M E D I A T E

llllllllllll CREOIT BANK DISCOUNTS FOR OTHER LENDING AGENCIES

*As of January 1, each year.
SOURCE: U. S. Department of .Agriculture.

Intermediate Credit Banks. The Commodity Credit Corporation also
has been making commodity loans to farmers, but these loans are made
primarily as a function of their price-support operations. However, they
do provide credit to those farmers who take out nonrecourse loans for
price-support purposes.
The relative importance of federal and federally sponsored agencies
in the field of nonreal-estate farm credit increased quite rapidly from
the time these agencies were established until 1937. On January 1,
1937, these agencies held more than half of the nonreal-estate farm
loans held by principal lending institutions. Since 1937, however,
commercial banks have again become relatively more important, and
have held about three fourths of the outstanding loans made by principal lending institutions in recent years.
As indicated previously, data on nonreal-estate farm loans held by
individuals, merchants, dealers, and other miscellaneous lenders are not
available prior to 1940. From 1940 to 1953, nonreal-estate farm loans
made by this group approximately doubled. During the comparable
period, nonreal-estate farm loans made by commercial banks and
Production Credit Associations increased much more rapidly. Whether
this indicates that farmers will continue to do a relatively larger
proportion of their short-term financing through commercial banks
and Production Credit Associations cannot now be determined. The
period for which data are available is short and relatively favorable
for agriculture. With unfavorable conditions, farmers may revert to
the use of relatively more individual, merchant, and dealer credit, if
competition leads to carrying farm accounts without charging interest.
Interests Affecting the Lending Process of Commercial Bankers

The nature of commercial banking is such that the individual banker
must give consideration to the interests of depositors, borrowers, stockholders, and society as a whole. In some instances, interests of these
groups conflict. Furthermore, there are no established rules that will
tend to maximize the interests of all groups when applied to each indi18

vidual bank. The commercial banker must seek the most profitable
employment oi the bank's funds consistent with safety. Moreover,
commercial banks, more than other financial institutions, must be
ready to pay a good share of their liabilities without notice. Thus, management must be well informed and experienced to perform successfully the expected functions.3
A successful commercial bank must be able to attract deposits and
employ its funds profitably. In order to attract deposits, safety must be
emphasized. The first responsibility of the management is to provide
safety for its depositors' accounts. Furthermore, to attract deposits,
management must provide good service to depositors. It also should
be remembered that, in the long run, a bank must have adequate earnings to provide safety. Consequently, profitable investment of bank
funds is essential.
In addition to the legal obligation of paying out demand deposits
without notice, the commercial banker, if he is to provide good service
for the community, must make provision for its cash needs. To perform
these functions, a considerable degree of liquidity must be maintained.
On the other hand, to provide for operating expenses and long-run
safety, the bank's funds must be invested profitably. Normally, highly
liquid and safe investments do not pay rates of return that result in substantial profits. Furthermore, the individual bank that provides proper
service for its community must be able to meet legitimate credit needs
of its citizens. By properly extending credit, it can promote the economic development of the community. In attempting to meet its responsibilities and provide good service for the community, bank management must consider all of the above factors and attempt to operate
in such a way that the interests of the combined groups are maximized.
Exact policies will vary, depending on the type of economy that dominates the community, economic conditions, local customs, and a number of other factors. Yet, in order to provide for the safety of depositors
and protect certain broad general interests of society, many national and
8 For i detailed discussion of these points, see Roland I. Robinson, The Management of Bank
Funds, McGraw-Hill Book Company, Inc. New York, 1951, pp. 1-19.

state laws have been passed to regulate commercial banking. The commercial banker must abide by these laws.
To perform adequately the diverse functions of attracting deposits,
profitably investing bank funds, abiding by banking regulations, paying
stockholders a return on their investment, and providing for the monetary and credit needs of society, the commercial banker must be well
informed, alert, and aggressive. An appreciation of these responsibilities will be helpful in understanding the methods and procedures used
by commercial banks, which are analyzed in subsequent parts of this
study. Before presenting this information, however, it is desirable to
describe the procedure by which it was obtained.

SOURCE OF PRIMARY INFORMATION
The Areas Studied

To treat adequately the process of commercial bank lending to
agriculture, it was necessary to collect primary data in addition to the
available secondary information. A sample of 35 banks located in
agricultural communities was drawn, and information was collected
from them pertaining to their lending practices and agricultural loans.
These banks were selected from those located in the western Goto. Belt
Fringe area of Kansas and Nebraska, and the Flint and Osage Hills
area of Kansas and Oklahoma.4 The areas are shaded in Figure 5In determining the areas from which the sample of banks was to
be drawn, an effort was made to select areas with types of farming
similar to those in the remainder of the Tenth District. The great
variety in types of farming in this District, however, makes it impossible to select two areas that would represent all of the types of farming that prevail. In much of the Tenth District, agricultural production takes one of two forms: (1) livestock production, together with
some cash crop, usually wheat or corn, or (2) seasonal grazing of live4 The U. S. Department of Agriculture has determined
States on the basis of physical, biological, and economic
in- "Generalized Types of Farming in the United Sates."
Agricultural Economics, Agricultural Information Bulletin

typeof-farming areas for the entire United
characteristics. These areas are reported on
U. S. Department of Agriculture, Bureau of
No. 3.

Figure 5. AREAS SAMPLED IN THE TENTH FEDERAL RESERVE DISTRICT

stock, either on a migratory or nonmigratory basis. In the western Corn
Belt Fringe area, livestock production is integrated in the farm organization with the production of corn, wheat, oats, and other crops. In
the Flint and Osage Hills area, seasonal grazing of cattle is the predominant form of agricultural activity. Therefore, most of the problems
involved in extending agricultural credit in the Tenth District probably
are similar to those of the areas selected.
The western Corn Belt Fringe area has soils that are inherently
quite productive. These soils are known as the Northern and Southern
Chernozems. Native vegetation originally consisted of tall, mixed, and
short grasses. The climate varies from semiarid in the west to subhumid
in the east. The surface soil ranges from two to six feet in depth, with
some claypan subsoils. The farm organizations of this area commonly

produce both wheat and corn. Cattle, hogs, chickens, and sheep are
the kinds of livestock that predominate. Oats and alfalfa hay also are
produced, being grown both for feed and as a cash crop.
The Flint Hills soils of Kansas and Oklahoma are silt and clay
loams developed from limestone and calcareous shales. These hills
produce a high quality bluestem grass, which provides excellent pasture
in the late spring and early summer. Creek and river bottoms are generally fertile and produce corn, sorghum, alfalfa, wheat, oats, and soybeans. In this area, summer grazing is a common practice, with the
cattle usually originating from points farther south and west. When
these cattle are sent to market, they are purchased by Corn Belt
feeders for fattening or sold to packers for slaughtering. General farming also is carried on in this area, with other livestock being quite
important.

The Banks Selected

The area method of sampling was used in selecting banks to be
visited to obtain information for the study. This method permitted
groups or "clusters" of banks to be drawn, rather than individual
banks. Interviewing time and travel expenses were reduced, since the
banks within the clusters drawn were closer together than individual
banks would have been.
From information available on agricultural loans held by member
banks of the Federal Reserve System in the two areas, it was determined that 35 sample banks would be needed to yield reliable estimates
for the entire area. In the Corn Belt Fringe and the Flint and Osage
Hills areas, there were 245 commercial banks. These 245 banks were
circled in groups of five. Each of these 49 groups were numbered. A
number between one and seven was chosen at random. Beginning with
this number, every seventh group was chosen. This sampling method
gave each bank an equal opportunity of coming into the sample and
insured a geographical distribution. All of the 35 banks chosen were
in Kansas and Nebraska. It was entirely by chance that no Oklahoma
banks fell in the sample.
22

Adequacy of the Sample

As indicated earlier, the area method of sampling was used, and
it was determined that 35 banks would be necessary to yield reliable
estimates "for the items being studied.5 Certain calculations were made
in an attempt to judge the adequacy of the sample. Of the 245 banks
in the area, 86, or approximately 34 per cent, were members of the
Federal Reserve System. Of the 35 banks in the sample, 11 were member banks. If the proportion of member to nonmember banks had been
the same in the sample as for all banks in the area, 12 of the 35 banks
in the sample would have been member banks. It is evident that the
proportion of member to nonmember banks in the sample was approximately the same as for all the banks in the area. If additional samples of
the same size had been drawn, more than 70 per cent of the time they
would have yielded less accurate estimates of the proportion of member
to nonmember banks. Additional calculations were made to check
on the adequacy of the sample. Table 1 gives the results of this check.
Table 1. AVERAGE TOTAL DEPOSITS AND AVERAGE VOLUME OF LOANS
AND DISCOUNTS PER BANK FOR ALL BANKS IN AREAS SAMPLED
A N D FOR SAMPLE BANKS, JUNE 30, 1953
All Banks
Total Deposits
loans and Discounts
Proportion that are Member Banks (per cent)

Sample Bonks

thousands of dollars
1,968
1,888
622
645
34
31

The sample banks had average total deposits of $1,888,000, while all
banks in the sample area had average total deposits of $1,968,000.
Considering the size of the sums involved, the $80,000 difference is
not large. When average volume of loans and discounts were compared
for sample banks and for all banks, the discrepancy was $23,000. For
both characteristics, the sample is adequate to give reliable estimates
for all the banks in the area. It is interesting to note that the sample
had smaller average total deposits and larger average volume of loans
5 The reader interested in * discussion of the sampling method should see M. Harris, D. G. Horwitz,
and A. M. Mood. "On the Determination of Sample Sizes in Designing Experiments," Journal of
tit American Statistical Association, Vol. 43, pp. 391-402, 1948.

and discounts. It is not expected that the sample would give exact
estimates of these measures of size, but it is desirable that one estimate
be high and the other low, because this indicates that the sample is not
biased either upward or downward as far as size is concerned. It is
possible to use the information about all banks in the areas and sample
banks in another way. The probability of drawing an additional random
sample of the same size that would give less accurate estimates of total
deposits and loans and discounts can be calculated. This was done,
with the result that the original sample gave a better estimate of these
characteristics than could be expected 80 per cent of the time if additional samples were drawn.
Two types of information were collected. A questionnaire designed
to obtain data on the agricultural lending practices of the sample banks
was completed. In addition, information was obtained on the credit
extended to every tenth farm borrower.
Some of the information collected was of a nature that could not
be summarized in numerical terms. In such cases, the prevailing
opinion or most common reply has been presented. Such data must be
evaluated subjectively and used with caution. Much of the information
collected has been presented in summary form by the use of numerical
values. An attempt has been made to indicate the degree of confidence
the reader is justified in placing in such data. It must be emphasized,
however, that sample data are being presented. Consequently, one can
never be certain that what is true of the sample also is true of any
larger area. The sample gave accurate estimates of total deposits, loans
and discounts, and the proportion of member to nonmember banks for
all banks in the area. The laws of chance, however, operate in such
a way that inaccurate estimates of other characteristics of the banks
in the area may have been obtained. This caution is especially applicable to those statistics for which the dispersion or variability is quite
large.
It is evident, of course, that the information collected is far more
applicable to banks in the areas from which the sample was drawn
24

than to those banks that fall outside these areas. However, the areas
were selected originally to include farming activity characteristic of
much of the District. It follows that the greatest deviations can be
expected to occur in those areas where agricultural production is greatly different. On the other hand, lending problems of commercial banks
probably are similar throughout the District, and much of the information collected has rather wide application outside the areas sampled.
In the absence of information on lending practices in these other
areas, however, there is no way of establishing this belief in a more
definite fashion.

PROCEDURES USED BY COMMERCIAL BANKS
Although all commercial banks have the same general objectives
of attracting deposits, rendering service to their community, and investing bank funds safely and profitably, procedures used by individual
banks to achieve these objectives varied. They varied because of wide
differences in the physical, economic, and social conditions among the
communities that were served and because of differences among individuals who operated the banks.
Applying for a Loan

Each banker in the sample had an established procedure for interviewing loan applicants. This procedure varied depending on previous experience with each applicant, how well the applicant was known,
the amount of funds borrowed, the purpose for which the funds were
borrowed, and a number of other factors. In general, the banker attempted to obtain enough information so he could invest the bank's
funds most wisely. Nearly all of the bankers interviewed discussed the
following points with their applicants for loans:
1. Purpose for which funds were to be used.
2. Specific kind of program to be followed.
3. Size of enterprise believed to be most efficient.

4. Profitability of the specific program to be followed.
5. Amount of funds required for financing the specific
program for which money was being borrowed and any
additional funds that would be needed for financing the
complete farm program during the season.
6. Need for an instalment-type loan.
7. Term oi loan.
8. Method by which the note was to be repaid.
9. Interest rate and any other charges used in obtaining
credit.
10. Amount and kinds of security required.
All this information was not obtained from old customers who had
established satisfactory credit ratings and whose financial status was
well known to the banker. Many bankers commented that in making
farm loans they wanted to lend money on programs that were best
from the individual's standpoint and workable from the bank's viewpoint. By discussing the factors mentioned above, both the individual
and the banker became familiar with the other's problems. Close adherence to this procedure resulted in establishing lines of credit which
were more favorable for both borrower and lender.
The procedure used when a new farm customer came to the bank
and asked for credit varied considerably among banks. A majority of
the bankers, after visiting with the customer and obtaining the regular information requested from loan applicants, including a financial
statement, still wanted enough additional time to do one or more of
the following:
1. Contact the bank with which the customer previously
did business.
2. Visit the farm to inspect its condition and check on the
farmer's assets.
3. Contact other references provided by the applicant.
4. Check the chattel mortgage record at the court house.
26

In addition to the above points, all mentioned frequently, a number
of banks indicated that they attempted to determine why the customer
was changing banks and to check on the customer through their board
of directors.
The bankers made considerable use of financial statements in serving their farm customers. Nine out of ten banks studied kept financial
statements on either all customers or major customers. However, the
conditions under which financial statements were used varied widely.
In some banks, an intensive effort was made to keep current financial
statements on all customers regardless of whether they had active loan
accounts with the bank. Customers of these banks were encouraged to
come to the bank at least once a year to revise their financial statements.
Some bankers encouraged these visits by taking time to go through the
customer's financial statements for the past five or ten years and point
out his accomplishments. These bankers believed that this method
would interest farmers in keeping accurate financial statements and aid
the banks in doing a better job of extending credit. Some bankers took
financial statements from customers who wanted to borrow $500 or
more, others required statements for unsecured loans, while still others
used different methods for determining whether to require a financial
statement. In a number of instances, financial statements were obtained
to comply with state banking regulations or to satisfy the bank examiner. In a very limited number of cases, bankers used methods which
enabled them to avoid the use of financial statements. It was common
practice in these cases to make only secured loans, since financial
statements usually are not required on such loans.
Operating statements were not used by bankers to any extent in
making farm loans. A major proportion did not use operating statements under any circumstances. A few used them in a limited number
of instances when data for preparing such statements were available
or when the line of credit being considered was questionable. Several
of the bankers interviewed indicated that they helped their customers
prepare income tax returns and, thus, had a limited knowledge of their
operating records.

Kinds of Loans Made

There are more than 14,000 commercial banks in the United States.
Because of their number and distribution, they tend to be closer to
agricultural lending markets than most other financial institutions. The
commercial banks in the areas covered in this study are highly dependent on agriculture for their loans. As of mid-1953, when the survey
was taken, agricultural loans of banks in the sample represented 64
per cent of their total loan volume. For individual banks, agricultural
loans varied from 32 to 100 per cent of total loan volume. This indicates the important degree to which farmers rely on these banks for
financing and how the banks, in turn, rely on farmers for their
loan markets.
In view of the extent to which individuals relied on these commercial banks for their credit needs, each banker interviewed was asked
whether local loans or outside investments had been more profitable
in investing bank funds. With one exception, the bankers indicated
that local loans had been more profitable. In the one exception, the
banker indicated there was little difference between the two methods
of investing bank funds.
Next, the bankers were asked whether they lost proportionately
more on loans to farmers, merchants, consumers, or others over a
period of years. About a third of the bankers indicated that they lost
less on farm loans than on other types. Approximately another third
replied that there was little difference in loss ratios among the different
groups. The remaining third indicated that, over a period of years,
they had more favorable experience with consumer loans or certain
categories of merchants' loans. However, several of these bankers
pointed out that they were less familiar with merchant and consumer
loans than with agricultural loans and frequently were more cautious
in making merchant and consumer loans. Another frequent statement
was that there had not been any losses suffered from bad loans for
so long that it was extremely difficult to answer the question accurately.
In general, the importance of agricultural paper in the banks' note port-

folios and remarks made during the interviews indicate that these
bankers like agricultural paper.
The bankers also were asked if they had any preference for certain
types of farm loans and their reasons for the preference. Although
there was considerable difference of opinion, a large majority indicated
preferences. Livestock, cattle, or cattle feeding loans were most commonly listed as preferable types. Reasons given for these preferences
were that these assets are quite liquid, they are self-liquidating, and
they are income-producing. Other reasons were that collections are
easier, the banker knows livestock better and can check on the feed
supply, and livestock makes a safer loan. A few bankers preferred the
barnyard type of loan, because it is more diversified and repayment is
steadier. A very limited number expressed a preference for new machinery loans because of the liquidity of new machinery. It is interesting to
note that a rather substantial number of bankers indicated the least
preference for machinery loans, barnyard loans, and straight crop loans.
The major reasons for the low preference for machinery loans were that
machinery is a capital investment, that it depreciates, and that bankers
do not like to repossess machinery if that becomes necessary. Barnyard loans were criticized because they are difficult to collect and frequently are not good risks. The objection to straight crop loans was
that they are too risky.
About 60 per cent of the banks indicated that they either were
making or would like to make loans for farm-development purposes.
However, more than 90 per cent of the bankers said there was little
demand for that type of loan. A majority of the banks making such
loans preferred chattel mortgages as security. However, a substantial
proportion expressed a preference for real-estate mortgages if most of
the work had to be done at one time and income would be reduced
substantially for two or three years. In almost all instances, bankers
familiar with this type of loan expressed the opinion that most farm
development programs should be undertaken by stages or on limited
areas over a period oi years. By using this procedure, the farm does
not suffer from an extreme deficiency of income for several years, and

the farmer is able to make necessary adjustments in his farming program more slowly and effectively.
Commercial banks, because of their strategic location, can extend
credit and collect it more easily than other lenders. Furthermore, since
they must maintain a high degree of liquidity, they prefer to emphasize
relatively short-term loans. Consequently, a rather large proportion of
their agricultural loans are individual notes with relatively short-term
maturities. However, many of these notes are renewed one or more
times before being repaid, even though they have a short-term maturity
on the face of the note.
In carrying out a specific program, many farmers need funds in irregular instalments rather than all at one time. In such instances, 92
per cent of the banks interviewed granted some type of instalment
loan. The most common method of extending this type of credit was
to approve a maximum line of credit and issue supplemental notes
against it as the funds were needed. In all instances, farmers were
charged interest only for the period of time the funds were used. However, 8 per cent of the banks insisted that farmers take out the full
amount of the loan at the time the original instalment was requested.
Provision for Repayment

There was considerable variation in the provision made by the
different banks for repayment of farm loans. Most banks attempted
to arrange maturities in such a way that they would conform with
periods of expected income. In a number of cases, they were so arranged only if the due date did not exceed six months. Several of the
banks, under normal circumstances, did not write notes with maturity
dates that exceeded six months. In all of these banks, however,
notes were reviewed and renewed at the end of six months if the
line of credit was needed for a longer period. A number of bankers
indicated that they had an explicit understanding with the customer
that such notes would be renewed if funds were needed for a longer
period to complete some productive operation.
30

All of the banks interviewed indicated that borrowers could pay off
a note of any size at any time prior to maturity and pay interest only
for the actual period of time that the funds were used. All banks followed the general policy of charging interest rather than discounting
notes.
With one exception, all banks made a minimum interest charge.
The minimum charge varied from a low of 25 cents to a high of $1.50,
with approximately 60 per cent of the banks charging 50 cents and 30
per cent charging $1. The policy on charging for mortgage recording
and inspection fees varied widely. About half of the banks charged recording fees, while the other half did not. However, almost all banks
charged recording fees under certain conditions. In some instances, such
fees were charged on small notes or notes that bore less than a certain
rate of interest. Some banks carried insurance on small chattels and did
not record them, thereby avoiding payment of a recording fee. In still
other instances, recording and inspection fees were charged where
real estate was used as security but not where chattels provided the
security. In general, no inspection fee was charged on chattel mortgages.
Except for the policy of limiting maturities to six months, borrowers enjoyed considerable flexibility in the provisions made for repayment of the notes. Although this six-month limitation might seem
somewhat unrealistic if payment actually were demanded, some arrangement regarding extension usually was worked out between the
borrower and lender at the time the loan was made, if that was necessary to the proper conduct of the farm business.
Correspondent Bank Connections

Commercial banks in rural areas frequently are small and have
small capital and surplus accounts. The National Banking Act limits
the si2e of loan that a national bank can make to any individual to
10 per cent of the bank's net unimpaired capital and surplus. Laws
applying to state banks in the Tenth District limit the size of loan
to individual borrowers to 15, 20, or 25 per cent of net unimpaired

capital and surplus, depending on the state in which the bank is located.
Most commercial banks in rural areas have customers who require
larger loans than the bank can legally make on the basis of its capital
and surplus. Since these people frequently are profitable bank customers, local bankers make an intensive effort to serve them.
A common method of serving such customers was for the rural bank
to have correspondent bank connections—usually with the large city
banks, since they had larger capital and surplus accounts. The degree
to which rural banks used correspondent banking connections varied
widely. Almost all banks had such connections in case they were
needed, but a considerable proportion were not using correspondent
connections at the time they were interviewed. In some instances, the
banks were able to take care of their customers without the help of
correspondent banks. In a number of cases, an individual or group
owned controlling interest in two or more banks and large loans were
divided among the different banks that were controlled. In still other
cases, the individual in control of the bank was in a position to loan
his personal funds rather than bank funds to these large customers.
At the other extreme, a few banks had farm loans with correspondent
banks, either on a participating or nonparticipating basis, that approached 50 per cent of their total loan volume. In all instances, it
appeared that provision was made to provide funds for customers whose
credit requirements were too large for the individual bank to handle.
Correspondent bank connections also are desirable when a small
rural bank needs to discount part of its agricultural paper. During
recent years, however, there has been little need for banks to rediscount agricultural paper. Almost all of the banks have had adequate
amounts of liquid securities that easily could be converted into cash
when such need arose. In the future, rural banks may again need to rediscount agricultural paper. Banks that are members of the Federal
Reserve System can rediscount eligible agricultural paper either at a
correspondent bank or at the Federal Reserve Bank. Nonmember banks
rely heavily on correspondent banks for rediscounting agricultural
paper.
32

Personal Control of Bank Credit

In addition to certain limitations and controls imposed by law, each
banker must abide by rules imposed by his board of directors and by
personally imposed standards. If satisfied farm borrowers are to be
retained, the banker must establish a reputation for being able to
advise customers properly and extend credit wisely. To do this, he must
be able to discriminate among the applications for loans and decide
whether to accept the loan, discourage the applicant from borrowing,
or, if that is unsuccessful, reject the loan. How well this task is accomplished will determine to a large extent how successful the bank will
be in serving the community, its depositors, and its stockholders.
An effort was made to determine the extent to which bankers discouraged borrowing or rejected loan applications of farmers if they
believed it unwise for the farmer to borrow. Estimates of the relative
importance of loan applications that were discouraged and those that
were rejected were obtained on a volume basis.
A considerable degree of variability prevailed. A small proportion
of the bankers indicated that they rarely attempted to discourage a
farm customer from borrowing. They preferred to study his loan application thoroughly and accept or reject the loan on the basis of the
analysis. In most instances, the customer was given an explanation
if his loan was rejected. At the other extreme, a small proportion of
the bankers discussed the loan application with each customer and
if the request for funds appeared questionable either from the viewpoint of the customer or the bank, this fact was explained to the customer and an effort was made to discourage him from borrowing.
Bankers using this method were well pleased with the results, since, in
their opinion, it forced both the borrower and lender to analyze the
request carefully. If the customer insisted on obtaining a loan, even
though the banker attempted to discourage him, the credit usually was
extended if the customer was a satisfactory credit risk. A few bankers
estimated that they discouraged borrowers on roughly a fourth of the
dollar volume of all requests for agricultural loans. The most common

estimate was that approximately 5 per cent of the dollar volume of all
loans requested was discouraged.
As previously mentioned, an attempt also was made to determine,
on a volume basis, the proportion of all farm loan applications rejected
during the last 12 months and the reasons for these rejections. Rejections on a volume basis were quite small in all cases. The major reason
listed for rejecting loan applications was that the applicant was a poor
credit risk. Other reasons included loan purposes or maturities unsuitable for bank credit, local agricultural conditions generally unfavorable, applicant living outside the bank's territory, and bank temporarily
loaned up.
The bankers also were asked whether they increased interest rates
or demanded more security if a farm customer was borrowing funds
to finance an enterprise that bore a considerable amount of risk insofar
as the farmer was concerned. Approximately four fifths indicated that
they demanded more security. In addition, approximately two fifths
of the bankers charged a higher rate of interest. A few indicated
they did not make the loan if the enterprise to be financed appeared
to be quite risky for the borrower, while a few indicated that they did
not vary either the amount of security required or the interest rate,
since they did not like to place their judgment against that of a good
farmer. Members of this group discussed the problem with the farmer,
and if he still wanted to borrow the funds, they loaned to him on the
same basis as they would have extended credit for most other uses.
The bankers also were asked whether they had an explicit policy of
expanding or contracting credit to agriculture and what conditions
determined the policy they followed. One third said they had no such
policy. The other two thirds indicated that whether they expanded or
contracted credit to agriculture depended primarily on the agricultural
outlook. In addition to the agricultural outlook, one fourth of the
banks stated that variation in their deposit condition was an important
consideration in determining whether an effort was made to expand or
contract agricultural loans.
34

Most of the bankers interviewed believed that adequate sources of
credit are available to meet all the credit needs of agriculture. A few
indicated that, in their opinions, adequate sources are available for
normal times, but that in case of economic or physical disaster, present
credit agencies may be unable to serve their communities properly
without assistance. Others mentioned certain purposes for which the
extension of additional credit to agriculture may be advisable, but indicated that present credit agencies are handicapped by current regulations and methods in extending these particular types of credit. The
areas suggested for further credit extension included credit for the
capable young man who wants to start farming and has no capital,
some types of irrigation and conservation loans, and loans for improved rural housing. Although most of the banks were making loans
for these purposes, a few bankers indicated that the total amount of
credit that existing credit agencies could extend for these purposes is
quite limited.
Supervision

Since agricultural loans accounted for almost two thirds of the loan
volume of the banks studied, the methods used for supervising such
loans are of interest. Approximately 5 per cent of the banks studied
hired full-time agricultural men to supervise agricultural loans and do
agricultural promotion work.
With the increasing complexity of modern agriculture, more rural
banks are adding men with specialized agricultural knowledge to their
staffs.9 These men have various duties pertaining to the agricultural
phases of their institution's business. The duties vary from area to
area and from bank to bank, but in all cases, an effort is made to do
a more effective job of extending agricultural credit and supervising
its use more carefully. However, a large proportion of the banks in the
sample were small and did not have sufficient deposit and loan volume
U) support an agricultural man in addition to the regular loan officer.
8 For a detailed treatment of this subject, see Horace G. Porter, and Stewart P. Fishburne, An
Atricalturtl AUo in Your Bmk, Federal Reserre Bank of Richmond, Richmond. Virginia, July 1932.

In all cases where a full-time agricultural man was not provided, a
loan officer with an agricultural background had the responsibility for
supervising agricultural loans.
Two thirds of the banks had one or more active farmers on their
boards of directors. Half or more members of the board were active
farmers in 40 per cent of the banks. Board members who were not
active farmers frequently were landlords and thus had close contact
with the agricultural industry.
AGRICULTURAL CREDIT EXTENDED
BY COMMERCIAL BANKS
The kinds of loans a lender makes and the supervision he gives
the loans determine his effectiveness in serving his borrowers and
community. In the preceding section, information on the methods used
and supervision of bank loans were discussed. Here, data on agricultural loans made by commercial banks will be presented. As explained
earlier, information was collected on the notes of 10 per cent of the
farm borrowers doing business with the sample banks. It is believed
that this information will give an insight into the operation of commercial banks serving agriculture. It was not possible, however, to evaluate the effectiveness of each bank in meeting the credit needs of its
customers, because the businesses of the borrowers were not examined.
Purpose of Agricultural Bank Loans7

The necessity for commercial banks to maintain a relatively liquid
position has caused them to concentrate on short-term credit. Table 2
emphasizes this fact, as loans made for the purchase of livestock exceeded loans made for any other purpose. As previously indicated, bankers
7 It should be noted that the term "barnyard loans" is used in two ways in this study. As used in
this section, it means loans granted for a variety of purposes. That is, a line of credit is established
or a note written to cover the purchase of a number of items. It is distinguished from "combination
loans by the number of purposes for which the money is used. "Combination" loans are for two
purposes, while "barnyard loans are for more than two. The term also may describe a loan secured
by a number of farm assets. When used in this way, it means the money may be used pfor #a
specific purpose, but the security includes a variety of the farmer's assets. This is its meaning in
the section on "Security of Agricultural Bank Notes." "Combination" loans are used in the section
on security to describe those notes that are secured by two types of assets.

interviewed most commonly preferred livestock loans. The reason
many gave was that such loans are liquid and that the value of the
security is easily determined. Operating expense notes were the second
largest in volume. This includes money loaned for the purchase of
fuel, seed, fertilizer, feed for livestock, and other items. In many
cases, the money loaned was used for the purchase of two items. Such
combination loans accounted for the third largest volume. Machinery
purchase represented the fourth largest group on a volume basis.
Many machinery loans were notes taken from a dealer who sold the
machinery and made the loan to the farmer. This is a common practice
in many communities. Real-estate loans, although they were not numerous, comprised a substantial volume of business. Other uses were
relatively minor.
The average size of loan made for the purchase of real estate was
larger than the average for any other type of loan. Building purchase
notes were next largest in size, followed by combination notes. The
average loan made for purchase of livestock was $2,600, compared
with the average operating expense loan of $681. Only hail insurance
and barnyard notes averaged less than operating notes. The average
size of all notes was $1,372.
Although the dollar volume of operating expense loans was only
about 25 per cent of the total, this type of note was more numerous
Table 2. MAJOR PURPOSE OF AGRICULTURAL LOANS*
Type of

Loan

Livestock purchase
Operating expense
Machinery purchase
Combination
Real estate
Barnyard loans
Building purchase
Unknown
Uving expense ...
Hail insurance ...
Miscellaneous

Volume
. $473,123
. 350,734
153,544
211,370
107,901
12,127
16,545
17,855
5,900
1,717
82,869
$1,433,705

Number
of Notes

Average
Size

Per Cent of
Total Volume

182
515
135
77
28
18
6
24
5
22
33
1,045

$2,600
681
1,137
2,745
3,854
674
2,758
744
1,180
78
2,511
$1,372

33.0
24.5
10.7
14.7
7J
0.9
1.2
1.2
0.4
0.1
5.8
100.0

Total
• I n this and In the succeeding tables, the amount of the loan is the amount outstanding at the time
of the interview, June 1933.

than any other type. Approximately one half of the notes on which information was secured were for operating expense. Livestock notes
accounted for about one fifth of the total number, but comprised about
one third of the loan volume. Machinery notes ranked third in number, with 135 of a total of 1,045 being of this type.
Security of Agricultural Bank Notes

In Table 3, data are presented on the security required by commercial banks when making agricultural loans. Approximately 34 per
cent of the loan volume was secured by livestock only, while about 26
Table 3. AGRICULTURAL NOTES BY TYPE OF SECURITY
Security
No security
Endorsement
G. I. guarantee
Livestock
Crops in storage
Growing crops
Machinery
Combination
Real estate
Barnyard type
Other

Volume
$ 38M00
10,083
1,521
481,228
4,600
850
39,334
375,646
82,215
53,240
3,586

Total

$1,433,705

Par Cent of
Total Volume
26.6
0.7
0.1
33.6
0.3
0.1
2.7
26.2
5.7
3.7
0.3
100.0

Number of
Notes
418
8
I
256
5
3
50
232
22
46
4
1,045

Average
Size of
Note
$ 912
1,261
1421
1,880
920
283
787
1,619
3,737
1.157
897
$1,372

per cent was secured by two kinds of assets. For most of these loans,
part of the security was livestock. A large volume (almost 27 per
cent) of the loaned funds had no formal security, since many loans were
made on the basis of the farmer's character and financial statement.
As indicated earlier, most of the banks visited required financial statements from new farm customers and those who had a sizeable line of
credit. Real-estate loans comprised approximately 6 per cent of the
total loan volume. It is noteworthy that there were few notes secured
by G. I. guarantee and by growing crops.
Unsecured notes were most common, with 418 of 1,045 notes in
this category. Notes secured by livestock also were quite common, as
were those secured by two types of assets. Real-estate notes averaged
38

larger than those secured by other property. Notes secured by livestock
also were quite sizeable, averaging $1,880 per note. Combination notes
averaged $1,619, which was higher than the average of all notes.
Interest Rates of Agricultural Bank Loans

Since the interest rate is the price of loanable funds, considerable
study was devoted to those factors associated with interest rates. A
detailed statistical analysis of interest rates by banks, sampling units,
and type-of-farming areas was made. An examination of the relationship between interest rates and size and kind of loan also was made.
Results of this analysis are set forth in the following paragraphs.
One of the more interesting relationships shown by the information
collected is that which exists between size of note and interest rate.
Table 4 indicates that, as notes became larger, interest rates tended to
decline. Notes bearing extremely low interest rates were considerably
above average in size. Two 3V^ per cent loans that appeared in the
sample averaged $16,650 in size. One loan of $200 carried an interest
rate of 12 per cent. Figure 6 indicates that, as the size of note increased,
the interest rate decreased rapidly at first and then more slowly. The
average size of 5XA per cent notes was $2,500, while the average size
Table 4. INTEREST RATE CHARGED O N AGRICULTURAL LOANS
Excluding

Rote*
Interest

Volume

3V4
4

4IA

5
5V4 ...
_..
6

8 _
9
_..
TO ...
12
Total _

33.300
18,981
7,000
61,350
7,500
703,331
190,669
302,810
4,804
200
200

$1,325,145

loans Made

Average of Real Estate
Numberfor the Purchase
Per Cent of
Size of
of
Total Volume
Note
Notes
2
5
1
19
1
373
150
444
11
1
1

1,008

$16,650
3,796
7,000
3,229
2,500
1,886
1,271
682
437
200
200

2.5
1.4
0.5
4.6
0.2
53.1
14.4
22.9
0.4

$ 1,315

100.0

**
**

Per Cent
of Notes
0.2
0.5
0.1
1.9
0.1
37.0
14.9
44.0
1.1
0.1
0.1
100.0

'Weighted average Interest rate, 6.47.
"Less than .03 per cent.
Note: The total volume figure and the number of notes In this table do not Include nine hall Insurance notes, totaling $639, on which no Interest was charged.

Figure 6. ASSOCIATION BETWEEN INTEREST RATE AND SIZE OF LOAN

INTEREST R»T|
PER CEMT
14

6
SIZE OF NOTE

<
10
12
IN THOUSANDS OF DOLLARS

of 8 pet cent notes was $682. More than 50 per cent of the total loan
volume carried an interest rate of 6 per cent. The 6, 7, and 8 per cent
loan classifications accounted for approximately 90 per cent of total
loan volume and approximately 96 per cent of the notes. The average
weighted interest rate for all loans was approximately 6.5 per cent.
The larger size of notes with interest rates of 6 per cent and less
offset the larger number of notes with interest rates of 7 per cent or
more. There probably are two reasons for lower interest rates being associated with larger notes. One is that the cost of making a loan is approximately the same, regardless of the size of the loan. Consequently,
one $500 note will yield more than two $250 notes if the interest rate
is the same. Another reason may be that the borrowers for the varioussized notes did not represent similar risks. It may have been that larger
borrowers also were larger farmers, and their net worth was proportionately greater than the amount borrowed. Therefore, they may have
represented less risk than smaller borrowers. The relationship between
size of note and interest rate is striking, even though the bulk of the
loan volume was made at the 6, 7, and 8 per cent interest rates.
40

Table 5. INTEREST RATES BY SAMPLING UNITS
Excluding Loans Made for the Purchase of Real Estate
Sampling Unit
I
II
III
IV
V
VI
VII
Total units
Type-of-farming areas:
Corn Belt area
Flint Hills-Osage area

Total
Volume
251,616.50
172,252.30
156,844.00
175,912.88
150,910.05
173,647.99
243,960.96

Number of
Notes
194
132
150
115
168
107
142

Average Size
of Note
$1,296.99
1,304.94
1,045.63
1,529.68
898.27
1,622.88
1,718.03

Interest
Rate*
6.77
6.43
7.10
6.08
6.62
6.50
5.94

..$1,325,144.68

1,008

$1,314.63

6.47

.$ 907,535.73
417,608.95

759
249

$1,195.70
1,677.14

6.60
6.17

Total
.$1,325,144.68
$1,314.63
6A7
1,008
'Interest rate figures are weighted averages.
Note: Thi» table does not include nine hail insurance notes, totaling $659, on which no interest
was charged.

Not only did this relationship hold for the entire sample of banks,
but it also held for both type-of-farming areas (Table 6). The only
exception is the Corn Belt area where AYz per cent notes averaged
larger than 4 per cent notes. Size of note thus appears to be one of
the most important factors associated with the variation in interest rates.
Other factors associated with interest rates are shown in Table 5.
The average interest rate varied geographically, as indicated by differTable 6. RELATION OF INTEREST RATE TO VOLUME AND SIZE OF LOAN
Excluding Loans Made for the Purchase of Real Estate
Corn Belt Area
Flint Hills and Osage Area
Average
Average
Total
Per Cent
Size of
Total
Per Cent
Size of
Volume
of Total
Note
Volume
of Total
Note
$
0
0
$
0
$ 33,300.00
8.0
$16,650.00
18,981.00
2.1
3,796.20
0
0
0
7,000.00
0.8
7,000.00
0
0
0
52,910.00
5.8
3,306.88
8,440.00
2.0
2,813.33

Interest
. Hate
3'/4
*
4V4
5

SVt
6
7
8
9
10
12

—

2,500.00

0.3

2,500.00

417,425.58
173,422.38
230,292.77
4,804.00
0
200.00

46.0
19.1
25.4
0.5
0
*

1,717.80
1,256.68
671.41
436.73
0
200.00

0
285,904.97
17,247.00
72,516.98
0
200.00
0

68.5
4.1
17.4
0
*
0

2,199.27
1/437.25
717.99
0
200.00
0

Total
$907435.73
100.0
$1,195.70
$417,608.95
100.0
$1,677.14
*less than .05 per cent.
Note: This table does not include nine hail Insurance notes In the Com Belt area, totaling $659, on
which no Interest was charged.

ences among sampling units, ranging from 5.94 per cent in one
sampling unit to 7.10 per cent in another. In the Corn Belt area
(sampling units I through V, inclusive) the interest rate varied from
6.08 per cent to 7.10 per cent, with the average for the entire area
being 6.60 per cent. The average for the Flint Hills area was 6.17
per cent. Even when the data are arranged geographically by sampling
units, the influence of size of loan is apparent. The average size of loan
in sampling unit VII was $1,718.03, which was larger than the average
size of loan for any other unit. This sampling unit had the lowest average interest rate. Sampling unit III, which had the highest average interest rate, had an average note size of $1,045.63. Only sampling unit
V, with an average note size of $898.27, had a lower average. It is apparent from the above data that interest rates and size of notes do vary
from area to area. This information indicates the Flint Hills-Osage
area notes averaged larger in size. The average rate of interest also
was lower than in the Corn Belt area. Reference to Table 6 further indicates that this is the case. In the Flint Hills-Osage area, approximately
83 per cent of the total loan volume carried an interest rate of less than
8 per cent. This is in contrast to the Corn Belt area, where only 74
per cent of the loan volume had interest rates of less than 8 per cent.
In the Corn Belt area, a larger proportion of the loan volume carried
7 and 8 per cent interest rates than in the Flint Hills-Osage area. The
volume of loans at 6 per cent was a larger proportion of the total in
the Flint Hills-Osage area than it was in the Corn Belt area.
Table 7 was prepared to show the relationship between the purpose
of loans and interest rates. It is interesting to observe that the highest
average interest rates were found on barnyard loans. Table 2 indicates
that barnyard loans averaged considerably smaller in size than the
average for all loans. Operating expense loans also averaged quite high
in interest rates. They, too, were small in size. Loans for the purchase
of machinery ranked relatively high in regard to interest rate, higher than the average for all loans. However, many bankers expressed a dislike for this type of agricultural paper. Living expense
loans carried the lowest rate of interest The volume of this type of
loan was quite low and only five notes were included in the category.

Table 7. MAJOR PURPOSE OF LOAN BY INTEREST RATE
Interest Rate

Purpose of Loan

Number
of
Notes 3

3tt

4V4

5V4

Avg.
Int.
Rate

Operating expense

515

$13,400

$150,942

$ 58,964

$126,364

$1,085

6.9

Livestock purchase .

182

$33,300

3,560

$2,500

327,425

56,629

49,709

6.1

Machinery purchase

135

$1,521

5,440

62,144

24,632

57,406

2,000

$200

6.9

939

119

6.2

Hail Insurance _.
living expense .
Real estate
Building purchase ...
Unknown
Combination

—

Barnyard loans .
Miscellaneous .
Total

3,300

2,200

400

5.0

50,865

5,200

36,315

15421

5.2

6,160

4,380

6,005

6.0

9,500

5,600

2,735

6.6

39,852

42,343

599

6£

8,127

5.5

$200

6.3

28,050

100,526

1,500

2,500

$7,000

10,900

43,775

2,492

9,602

1,100

$7,000

$66,550

$2,500

$739,646

$206,190

$302,810

$4,804

8,000

1,036

$33,300

$69,846

Notei This table does not Include nine hall Insurance notes, amounting to $659, on which there was no interest charged.

Consequently, it is doubtful if much significance should be attached
to this result. The interest rate on real-estate loans averaged 5.2 per
cent. Loans made for the purchase of livestock averaged 6.1 per cent.
It is significant that livestock loans -were considerably larger than average. The influence of size of note on interest rate also is apparent from
Table 7.
A detailed statistical analysis of the data indicated that there was
much greater variation in interest rates among banks and clusters of
banks than among borrowers within individual banks. In view of the
close association between size of loan and interest rate and in view
of the variation in interest rates by purpose of loan, it is likely that
the type of borrower a particular bank has is quite important in determining the interest rate structure of a particular bank. It is to be expected that a bank with a large number of small loans will have higher
interest rates than if it held larger loans. As was pointed out previously,
the cost of making two loans of different size is approximately the
same. Therefore, the larger loan yields the lender a larger return.
From the information collected, it was not possible to determine
whether the community in which a banker was located was the determining factor or whether it was the individual banker's policies that
determined the variation in interest rate and size of loan.
Terms of Agricultural Loans

In Table 8, the volume of agricultural loans by the term of note
is presented. Six months was by far the most common period for which
agricultural loans in the sample were written. Almost 60 per cent
of the notes fell in this category. Approximately 6 per cent of the loan
volume was written for a period of three months, while about 5 per
cent was in the form of demand notes. In understanding the above
figures, it must be remembered that much of the credit needs of agriculture are for a relatively short period. In addition, renewals are a
common characteristic of commercial bank lending to agriculture. Many
bankers follow the policy of writing agricultural notes for three or
six months, in the knowledge that the income will not be forthcom44

ing at the end of the period and a renewal probably will have to
be made. However, the renewal procedure gives the banker and farmer
a chance to get together and review the agricultural production and
financing program. The important point is whether or not the notes
actually are repaid in the period of greatest farm income. It was not
possible to secure conclusive information on this point. A considerable
percentage (33 per cent) of the agricultural loan volume, as indicated
Table 8. AGRICULTURAL LOAN VOLUME BY TERM OF LOAN
Excluding Loans Made for the Pvrchas* of R»al Estate
Dollar
Term
10 days IS days ..
1 month
months
months
months
months
months
months
8 months
9 months
10 months
11 months
12 months
18 months
2 years 3 years 5 years 10 years -

Volume
.$
600
200
. 30,332
. 69,127
. 80,691
.. 64,728

. 65,302
. 768,431
. 22,306
. 24,654
5,919
4,290
. 19,592
. 65,016
3,493
3,200
200
. 14,681
. 11,300

Per Cent
of Total
0.1

*
2.3
5.2
6.1
4.9
4.9
58.0
1.7
1.9
0.4
0.3
1.5
4.9
0.3
0.2

Average
Size
$ 600
200
820
910
598
952
907
1,653
1,062
1,896
1,973
1,430

6,531
2/408
1,164
1,067
200
3,670

1.1
0.8

5,650
$U37
908
$004

Subtotal ...
Demand

_*1,254,062
„
71,742

94.6
5.4

Total

-$1,325,804

100.0

'Less than .05 per cent.

by the sample data, represented renewals. Due to the method of securing the information, this probably is a conservative estimate of the
importance of renewals.
The relationship between term and size of agricultural note is shown
in Table 8. As the term of the note increased, the average size tended
to increase. The average size of the 11-month category was quite large.
However, there were only three notes in this group and it is doubtful if much significance can be attached to this fact.

*
Table 9. TERM OF NOTE BY MAJOR PURPOSE OF LOAN
Eight.
teen
Months

Two
Years

Three
Years

233,023
279
361,090
136
114,918
89
831
9
2,000
1
31,055
6
9,305
3
11,550
14
115,974
38
9,051
13
40,719
23

Ten to
Twelve
Months
(dollars)
13,555
6,402
19
7
9,635
51,967
6
8
13,529
2,708
17
4
0
35
1
0
0
0
0
0
2,000
0
1
0
0
0
0
0
0
0
0
0
4,346
17,000
3
1
0
0
0
0
22,600
0
4
0

0
0
2,218
1
1,275
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

400
1
0
0
2,800
2
0
0
0
0
700
1
0
0
0
0
0
0
0
0
0
0

0
0
0
0
200
1
0
0
0
0
4,500
2
0
0
0
0
0
0
0
0
0
0

929,516
611

52,879
37

3,493
3

3,900
4

4,700
3

Demand

One
Month
tV Less

One to
Three
Months

Four to
Six
Months

26,210
41
Livestock purchase ....
1,500
No. of loans
2
Machinery purchase . . 5,062
6
Hail insurance
0
No. of loans
0
Living expense .._
0
0
8,331
Real estate
2
No. of loans
..._
Building purchase
0
0
4,370
Unknown
4
No. of loans
-—
......34.600
26
0
Barnyard loans . , ., •
0
No. of loans
0
Miscellaneous —
—
0
No. of loans .

800
2
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

70,365
166
46,713
29
11,530
13
851
12
600
3
9,300
2
1,080
1
1,935
6
39,450
9
3,076
5
4,550
4

800
2

189,450
250

Purpose
of Loan
Operating expense ., .

Total
No. of loans

..80,073
81

Seven
to Nine
Months

90,898
34

Twentyfive
Years

Six
Years

Ten
Years

0
0
0
0
1,521
1
0
0
0
0
12,650
7
6,160
2
0
0
0
0
0
0
7,000
1

0
0
0
0
0
0
0
0
0
0
5,000
1
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
3,300
1
16,865
4
0
0
0
0
0
0
0
0
8,000
1

0
0
0
0
0
0
0
0
0
0
17,500
2
0
0
0
0
0
0
0
0
0
0

27,331
11

5,000
1

28,165
6

17,500
2

Five
Years

Table 9 was prepared to determine the relationship between the purpose and term of agricultural notes. Four to six months included the
largest number of notes for all purposes except hail insurance, living
expense, and real-estate loans. The number of hail insurance and living
cost loans was so small that they were not of major importance. Most
livestock loans were for six months or less. This also was true for operating expense loans. Machinery purchase loan terms ranged up to five
years, with a considerable number being written for 10 to 12 months.
Barnyard loans were all for six months or less. Real-estate loans ranged
in term from a few months to 25 years, with the modal term being
five years. Table 9 emphasizes the relationship between the purpose
and the term of agricultural notes. Notes made for a longer period
were for the purchase of assets that have a longer life.

Table 10. METHOD OF REPAYMENT*
Total
Volume
One

payment

Regular instalment
Irregular instalment
Total

$
_

Number
of
Notes

Per Cent of
Total
Volume

Per Cent of
Total
Number

987,839.42

815

69.3

84,277.40

5.9

3.3

352,916.86

184

24.8

17.8

1,033

100.0

$1,425,033.68**

78.9

•The method of repayment refers to the arrangement made when the note was written.
••This total does not include 12 notes, totaling $8,671, on which information was not obtained
regarding method of repayment.

Although a note is written for a certain period of time, the repayment
may be made in one sum or on an instalment basis. Instalment payments may be regular or irregular. Of the notes in the sample, approximately 79 per cent were on the one-payment basis (Table 10). These
one-payment notes accounted for approximately 69 per cent of the
volume. Irregular instalment notes represented approximately 25
per cent of the volume and 18 per cent of the notes. Regular instalments accounted for only 6 per cent of the volume and about 3 per
cent of the notes.

ACKNOWLEDGMENTS
It is not possible to give credit to all who contributed
to this study. Certainly, the study could not have been
made without the excellent cooperation of the officers
and employees of the 35 banks studied. The State Bank
Commissioner of Kansas, the Director of Banking for
Nebraska, and the state bankers' associations were very
cooperative and assisted in many ways in organizing
and conducting the study. Many of the data from secondary sources were provided by Mr. Normal Wall,
Head of the Agricultural Finance Section of the United
States Department of Agriculture. Dr. William G.
Murray, Head of the Department of Economics and
Sociology, Iowa State College; Professor Merton Otto,
Kansas State College; and Mr. Wall reviewed the
manuscript and provided the authors with their constructive criticisms. Finally, a number of the officers
of this bank and members of its Research Department
staff were helpful in all phases of the study from the
time the original idea was conceived until the final
manuscript evolved.

TO STOCKHOLDERS

FEDERAL

inr/i

R E S E R V EE B A N K O F K A N S A S

I3DH

CITY

FEDERAL RESERVE BANK OF KANSAS CITY

FEDERAL RESERVE BANK
OF KANSAS CITY
January 31, 1955
To the Stockholders of the
Federal Reserve Bank of Kansas City:
I am pleased to send you the Annual
Report of the Federal Reserve Bank^of
Kansas City for 1954.
The economic record of each year is
based on a combination of events in many
respects unique to that period. In this regard, 1954 was no exception. This report
endeavors to review the principal economic developments of the past year and
their impact on the economy of this region
and the Nation.
These economic developments, along
with other factors, are reflected in the
operations of this bank. The operations
for the year are summarized in this report.

President

CONTENTS

Page'
ECONOMIC REVIEW OF 1954

Introduction

Agriculture

Labor Market Conditions

Manufacturing

Mineral Industries

Construction

Trade

Money Markets

Banking Developments

BANK OPERATIONS IN 1954

Statement of Condition

Earnings and Expenses

Volume of Operations

Services as Fiscal Agent

Member and Nonmember Banks

Bank Examination

Research

Changes in Directors and Officers

DIRECTORS AND OFFICERS, 1 9 5 5 . . . 46

'PHI'* £• ~*pi» agt 1^. €*JI

ECONOMIC REVIEW OF 1954
| HE contraction of production that began in the summer of 1953
I moderated in the early months of 1954 and halted in March
I and April. In ensuing months, variations were limited to about
>——-»« 1 per cent until October, when a revival began, led by larger
production of automobiles and steel. For the year as a whole, the value
of goods and services produced was approximately 2.5 per cent less than
in 1953, but the reduction was primarily in output of defense items and
goods for inventory, although capital outlays by business also were
lower. Consumer purchases were maintained at about the level of the
preceding year. Average unemployment was larger in the year, however,
placing some workers at a disadvantage in buying goods and services.

Lower output in 1954 was mainly attributable to a reduced volume
of defense outlays and a shift of business inventory policy from accumulation to liquidation. Between the second quarter of 1953 and the
third quarter of 1954, national security expenditures declined $12
billion on an annual basis, while the change in inventory policy reduced
the demand for goods $10 billion. Business expenditures for plant and
equipment also receded in this period, although investment by transportation equipment companies and commercial firms was higher. These
depressing influences were mitigated by a rise of $4 billion in personal
consumption expenditures and record levels of expenditures for private
construction and state and local government.
Personal income before taxes was approximately equal to that of
1953. Although wage and salary disbursements were lower than in the
preceding year, compensating increases resulted from higher dividend

Economic

Review

1954

and interest payments and larger government disbursements of unemployment insurance and other benefits. The reduction of income taxes
at the start of the year, therefore, raised the disposable income of individuals above the level of the preceding year.
The upswing of activity in the last quarter of the year was concentrated at first in the automobile and steel industries, but as the year drew
to a close, the improvement widened to include other industries. Production in December was about 4 per cent under the peak rate attained in
1953 but a larger share of output was moving into consumers' hands in
1954, as business inventories were stabilized in the last quarter. Retail
sales in December probably surpassed the record established in 1952.

AGRICULTURE
A GRICULTURAL production for the United States decreased slightly in
-^*- 1954 from the record volume achieved during 1953. The index of
prices received by farmers during 1954 averaged almost 3 per cent
below that of the previous year. Consequently, gross farm income for
the Nation declined 4 per cent. The reduction in production expenses
was not large enough to offset the decline in gross income, so net income
for the agricultural industry was down about 6 per cent from the levels
of the preceding year.
Drought conditions throughout much of the Tenth District were
more severe in 1954 than in 1953. Severe and prolonged drought, combined with sharp acreage curtailment programs for wheat and cotton,
caused production in the District to decline more than nationally. On the
other hand, prices received by Tenth District farmers for their major
products—meat animals and wheat—were more favorable than was the
index of all prices received by the Nation's farmers. Meat animal
prices averaged about the same as in the preceding year, while wheat
prices averaged significantly higher. For the District as a whole, relatively more favorable prices about offset the effects of relatively
unfavorable production and farmers fared about the same in the District as they did nationally. However, it is apparent that in Colorado,
New Mexico, and southern Wyoming, the prolonged extreme drought
caused farm income for the year to be lower than it was nationally.
6

Economic Review of 1954

Production

Crop production for the Nation was about 3 per cent below the
1953 level because of production restriction programs and severe
drought in large areas. Aggregate yields of all crops per acre were
near the record levels achieved in 1953, but the acreage of crops harvested was less than for the preceding year. In the seven Tenth District
states, continued drought caused 1954 crop production to decline from
the relatively low levels of 1953. Corn, wheat, and peanut production
all were down substantially from last year's levels and from the District
10-year average. Oat, soybean, and grain sorghum production all were
above last year's levels and the average, but they are less important than
Crop Production
United States

Tenth District States
Crop

Average
1943-52

1953

1954

Average
1943-52

(thousands of units)

1953

1954

(thousands of units)

Wheat (bu.)

428,071

393,889

369,173

1,121,506

1,169,484

969,781

Corn (bu.)

487,821

413,076

320,289

3,057,464

3,192,491

2,964,639

Oats (bu.)

1,499,579

153,564

119,732

191,669

1,316,359

1,209,458

Barley (bu.)

39,765

21,986

36,931

274,955

242,544

370,126

Grain sorghum (bu.)
Hay (tons)

47,332

44,992

69,177

134,600

109,353

204,087

17,855

16,758

17,422

101,959

105,530

2,985

3,279

2,996

9,877

12,084

104,380
14,027

Sugar beets (tons)
Cotton (bales)
Soybeans (bu.)

923

1,213

1,055

12,448

16,465

13,569

22,279

33,458

34,267

230,649

268,528

342,795

SOURCE: U. S. Department of Agriculture

corn and wheat and were unable to offset the sharp decline in production of these crops. Production of most of the other important crops in
the District varied between the 10-year average and the level achieved
during 1953. Pasture and range grass production was substantially
below that of 1953 and the average.
Reduced acreage allotments and poor planting conditions in many
regions caused the Nation's farmers to plant an estimated 5.7 per cent
less winter wheat for harvest in 1955 than was planted a year earlier.
The percentage decline in the acreage planted to winter wheat in the
seven District states was slightly less man for the Nation. All states in

Economic Review of 7954
Winter Wheat Planted Acreage
I
i

Area

Fall of
1954

Fall of
1953

Percentage
Changs

(acres)

Colorado
Kansas
Missouri
Nebraska
New Mexico
Oklahoma
Wyoming

3,005,000
11,738,000
1,481,000
3,678,000
507,000
5,294,000
289,000

3,005,000
10,799,000
1,614,000
3,531,000
472,000
4,923,000
266,000

0
-8.0
+9.0
-4.0
-6.9
-7.0
-8.0

Tenth District States
United States

25,992,000
46,084,000

24,610,000
43,442,000

-5.3
-5.7

SOURCE. U. S Department of Agriculture

the District planted fewer acres to the crop except Colorado, where the
acreage was the same, and Missouri, where 9 per cent more winter wheat
was planted.
According to the December estimate of the Department of Agriculture, 1955 winter wheat production in District states is expected to be
87 per cent of the 1954 crop. The substantial decline can be accounted
for by the 5 per cent drop in acreage planted and by poor production
prospects in much of the District because of drought.
Despite contraction in crop production, output of livestock and
livestock products established a record high for the Nation. It now
appears that numbers of cattle on farms at the end of 1954 were about
the same or slightly lower than the record high of 94.7 million at the
beginning of the year. Beef and veal production surpassed the previous
record-high volume by about 3 per cent. Although production of the
other red meats was below record levels, the huge production of beef
and veal caused total red meat production to exceed all previous levels.
Output of poultry products and milk also was at record-high levels for
the Nation, while wool production was about the same as in the
previous year.
The drought caused considerable difficulty for many farmers in
the Tenth District. In spite of this, however, production of livestock and
livestock products remained large in District states.
8

Economic Review of 7954

Prices

For die fourth consecutive year, prices received by farmers for
their products followed a downward trend. The index of prices received
by farmers increased significantly in December 1953 and January
1954. This higher level of farm prices was maintained until May 1954.
Through die remainder of the year, the trend in prices received by
farmers was definitely downward.
Prices paid by farmers for the goods and services they purchase
followed the same general trend as prices received. However, the index
of prices paid did not increase as much in late 1953 and early 1954 nor
decrease as sharply during the latter part of 1954 as did the index of
prices received. Consequently, the parity ratio (ratio of prices received
by farmers to prices paid by them) continued to decline quite consistently during the year.
Cash prices for wheat and corn at Kansas City remained quite
stable—generally tending to increase during the year. Prices of both
wheat and corn at Kansas City averaged higher than for the previous

PRICES P A I D .
INTEREST. AND TAXES

300

r^k

27 5

275

250

PRICES R E C E I V E D . ^ / "
FOR COMMODITIES

225
125

;

225
125

RATIO OF PRICES RECEIVED TO PRICES PAID

100
75

100

1952
SU_™

•

1953
SOURCE: U. S. Department of Agriculture

1954

Economic Review

T954

^^mm^
DOLLARS? PER BUSHEU|J|
3.00 ^

DOLLARS PER BUSHEL
3.00

2.50

i 2.50

'w
WHEAT
^ ^ NO. 2 OK. 6 H 0 .

2.00

2.00
CORN
NO. 2 YELLOW-

1.50

.50
MIL0_^<
NO. 2
1.00

' ' ' '

l . l l l

J F M A M J J A S O N O

I ' ' ' I t ' ' ' T
J F H A M J J A S O N D j r H A I I J J A S O N O

1952
1953
1954
SOURCE: Doily Groin Market *«n«w, Kansas City, Missouri

1.00
*
|

year. Milo prices fluctuated considerably. The general trend in milo
prices was upward during the first half of the year and downward
during the last half.
Cattle prices averaged about the same as they did in 1953. They
tended to be a little lower early in 1954 than for the comparable months
in 1953, and a little higher toward the latter part of the year. Prices
of most kinds and grades of cattle followed about normal seasonal patterns. However, prices of some kinds and grades varied.
Prices for the better grades of slaughter cattle varied less than is
normally expected, remaining fairly stable during the year. As indicated in the accompanying chart, prices of choice slaughter steers at
Omaha declined somewhat less seasonally in the late winter and early
spring than is normally expected. After a brief but sharp increase during
the latter part of April, prices for this grade of slaughter steers again
declined slightly until late in July. During the latter part of the year
prices increased seasonally, continuing at somewhat stronger levels
during December than normally would be expected. For lower grades
of slaughter cattle, as represented by cutter and canner cows, prices
10

Economic Review of 1954

DOLLARS PER CWT.

WEEKLY AVERAGES

35
30 25
«• 20
FEEDER 4 STOCKER STEERS
15

CHOICE, 9 0 0 - S O O LBS.
KANSAS CITY

10
COWS
-yf
CANNERS $ C U T T E R S - ^
KANSAS

J
J

1
F

1 1

'
J A

'
S

I
O

I
J

CITY

I
M

I
A

I
II

I
J

1
J

1_
A

N O

1953
1954
SOURCE: U. S. Department of Agriculture

showed about normal seasonal variation during the year. Prices for
these grades were slightly lower during the latter part of 1954 than
during the corresponding part of 1953.
Feeder cattle prices tended to follow a normal seasonal pattern
from January through June of 1954. In July, they dropped more
rapidly than normal and after July followed a contra-seasonal pattern.
During the fall months, feeder steer prices at Kansas City were from $2
to $3 per hundredweight higher than during the fall of 1953.
Hog prices were relatively high at the beginning of the year and
continued to strengthen until the latter part of April. Increasing supplies during the last two thirds of the year caused prices to decline quite
persistently. By the end of the year, hog prices were more than a third
below the high levels attained in April. The hog-corn ratio, however,
remained about average at year end despite the persistent and sharp
decline in prices during the latter two thirds of the year.
Lamb prices followed a normal seasonal pattern, increasing until
late in May, declining until September, and fluctuating around Septem-

Economic

Review

1954

DOLLARS PER CWT.
32

LAMBS
0 0 0 0 AND CHOICEKANSAS CITY

12
J

1953

-I
S

U.
N

12
0

1954

SOURCE: U. S. DcpartmMl of Agriculture

ber levels during the last quarter of the year. Prices during the fall
months of 1954 averaged slightly higher than for the comparable
months of 1953.
Farm Income
The Nation's farmers sold about the same physical volume of farm
commodities in 1954 as in 1953. With prices received for these commodities being down 3 per cent, cash receipts obtained from farm marketings also were down about 3 per cent from the previous year's level.
The physical volume of livestock and livestock products marketed
was up somewhat from that of the previous year, while that of crops was
down about enough to offset the higher volume of livestock marketings.
Lower prices for chickens, eggs, and dairy products accounted for
most of the decline in the index of prices received by farmers during the
year. The average level of prices received by farmers for crop sales
was somewhat higher than in 1953. The yearly average for all meat
animal prices was about the same for each of the last two years.
12

Economic Review of 1954

The lower level of prices received by the Nation's farmers also
caused gross farm income to be lower for the year. Preliminary estimates indicate that gross farm income in 1954 was about $1.4 billion
less than in 1953, while production expenses were only about $600
million less. If these estimates are correct, net farm income for 1954
was about $12.5 billion which was $800 million less than in 1953. This
would amount to a 6 per cent reduction in net farm income.
Even though a large part of the Tenth District suffered from severe
and prolonged drought, cash receipts from farm marketings in the District were maintained about as well as for the Nation. There are two
explanations as to why District farmers fared about as well as the
Nation's farmers during 1954 as compared with 1953. First, 1953 also
was a drought year in the District, so the reduced level of production in
1954 was compared with a rather unfavorable year in 1953. Second,
as previously pointed out, prices received by District farmers for the
major commodities they produce did not decline as much as the average
level of all farm prices. Most of the agricultural commodities with substantially lower average prices during the year are not of major importance in the District economy. Although there was considerable variation both regionally and by commodities, the average level of net farm
income in the District compared favorably with that of 1953 despite
the severe drought.

LABOR MARKET CONDITIONS

wage and salary employment in the District
during 1954 reflected the slower rate of economic activity in the
Nation. From the peak levels in 1953, total employment declined into
the early months of 1954. By spring, employment began to recover in
most parts of the District, as it did in the United States as a whole.
Although some reductions, largely seasonal or defense-connected, did
occur, improvement in employment continued through the balance of
the year. In general, the pickup from the spring was more noticeable
in District employment than it was nationally.
ONAGRICULTURAL

Employment in nonagricultural firms throughout the Nation in
mid-November of 1954 was about 2 per cent less than a year earlier,

Economic Review of 1954

with the decline centered largely in manufacturing. Within the District,
die Kansas City Metropolitan Area and Wyoming sustained larger
reductions over the same period, reflecting lower activity in both manufacturing and nonmanufacturing. The most favorable level of employment relative to November 1953 occurred in Kansas, where gains in a
number of industries boosted the total by more than 2 per cent. The St.
Joseph and Joplin labor market areas of western Missouri also registered increases of between 1 and 2 per cent in the number of nonfarm
employees. In Oklahoma and New Mexico, the November level of
nonfarm wage and salary employment was generally similar to that of
November 1953. Although nonmanufacturing employment was somewhat higher in Colorado and Nebraska, the total in each state was down
slightly, as employment in manufacturing contracted.
Reflecting fewer employment opportunities, the Kansas City,
Omaha, and Oklahoma City labor market areas were classified as areas
of moderate labor surplus during the year by the U. S. Bureau of
Employment Security. In November 1953, each was considered an area
of balanced labor supply. They were among 85 out of 149 major labor
areas in the Nation characterized by moderate labor surpluses in November 1954. Three other major areas—Denver, Wichita, and Tulsa
continued to represent situations of balanced labor supply at the end
of 1954. There were only 13 other such areas in the Nation. As was the
case a year earlier, Albuquerque, in November 1954, was the sole major
labor market area in the District with a substantial surplus of labor.
In addition, 5 smaller District areas were among the net total of 73 in
the Nation added to the substantial labor surplus category during the
year because of high levels of unemployment.

MANUFACTURING
l j ROM the record level of mid-1953, manufacturing employment in
the District declined through the early months of 1954. Improvement during the early summer and autumn brought November employment to within 2 or 3 per cent of the November 1953 level. Near the
year's end, manufacturing activity was slightly stronger in the District
than in the Nation, reflecting, to some extent, the lower concentration
of durable goods manufacturing throughout the District. Nationally,
14

Economic Review of 1954
rV""""7V'TT» -writ*

v
METROPOLITAN'„AREAS"
H « CENT CHANCE, NOV. 1993 - NOV. (»94

• 5

THOUSANDS
300
KANSAS, NEBRASKA (

THOUSANDS
300
OKLAHOMA

+10 +IS

COLORADO, WYOMING ( NEW MEXICO

-J-

100
90

•0

*KANSA9 CITY, CT. JOSEPH, f JOPLIN LASOR MARKET AREAS
SOURCE: Stat* Employmacit Security Divisions

manufacturing employment picked up somewhat from the summer low
but in November was still more than 5 per cent below the year
earlier level.
Within the District, diverse patterns were evident. In the three
eastern plains states, employment in manufacturing establishments
stabilized early in 1954 above the level of early 1952 but considerably
below that of early 1953. Following a net gain during the summer, an
autumn increase in Kansas transportation equipment industries helped
to bring Kansas employment and the 3-state area total above the 1953
level. November employment equaled that of a year earlier in Oklahoma and was nearly 5 per cent lower in Nebraska.
Manufacturing employment in the labor market areas of western
Missouri (Kansas City, St. Joseph, and Joplin) declined from the
summer of 1953 throughout 1954. In November, the level was about
6 per cent under the November 1953 and 1952 levels. The reduction
was concentrated in the Kansas City Metropolitan Area, as manufacturing employment was slightly higher in the St. Joseph and Joplin

Economic Review of 1954

areas. About three fourths of the net reduction in the Kansas City area
occurred in two plants producing ammunition and powder.
In the three western states, manufacturing employment during
1954 was lower than during the preceding two years. Colorado bore the
burden of the slower activity, with reduced employment over the year
ended in November centered generally in durable goods and in textiles,
apparel, and leather goods production. During the same period, New
Mexico showed a slight gain and Wyoming a small loss.
Among the four District metropolitan areas registering gains in
manufacturing employment over the year from November 1953 to
November 1954, Wichita showed the largest increase — due almost
entirely to expanded aircraft production. Factory employment declined
over the same period in five metropolitan areas, with Tulsa, Kansas
City, and Denver sustaining the largest losses.
Construction contract awards for new industrial facilities in the
eastern portion of the District fell off about one fourth during 1954,
as substantial reductions in Oklahoma and western Missouri were partially offset by increases in Kansas and Nebraska. The over-all decline
was less than that for the 37 states east of the Rocky Mountains, as
reported by the F. W. Dodge Corporation. Associated in part with
expanded aircraft production, Wichita, among the larger metropolitan
areas in the eastern states of the District, registered a gain in the value
of contracts awarded for new plants. Omaha's experience was similar
to that of 1953. In Kansas City and Oklahoma City, awards declined
about one third; in Tulsa, nearly 70 per cent. Building permit data
for Denver indicate that the value of new industrial building in 1954
was about half that of 1953.
MINERAL INDUSTRIES
Fuels

in the petroleum industry were curtailed during 1954,
reflecting the excessive stocks acquired during the preceding year.
State conservation officials limited crude oil production during most
of the year and refineries were operated at less than 90 per cent of
capacity for the first time since the start of the Korean War, except for
PERATIONS

Economic Review of 7954

MILLIONS OF BARRELS

MILLIONS

OF BARRELS

400

400
OKLAHOMA AND KANSAS

300

300
WYOMING, NEW MEXICO,
COLORADO $ NEBRASKA

200

—

200

100

1930

1991 1952

1953

1954

1930

1931

1952

1953

1954

SOURCE: 0 . S. Bur.au ef Minas

a brief strike in 1952. Consumption is estimated to have expanded less
than 1 per cent during the year while production declined slightly.
Crude and product supplies were less burdensome, therefore, at the
end of the year.
Production of crude oil in the United States declined 2 per cent
during the year. In Oklahoma, because of cuts in allowable production,
output was down 8 per cent. Although the rate in Kansas was generally
lower during most of 1954, production exceeded that of 1953 by 3 per
cent because of a 10-day shutdown in October 1953. Market outlets for
Rocky Mountain oil have been expanding and production in 1954
increased 6 per cent in New Mexico, 10 per cent in Wyoming, 18 per
cent in Nebraska (more than nine tenths of the state's production is in
western Nebraska), and 30 per cent in Colorado. In 1950, production
in this portion of the District was only one half as large as that in Kansas
and Oklahoma; last year it was seven tenths as large. The relatively
larger expansion in the Rocky Mountain area reflects growth in western
crude-producing areas and enlarged market outlets, in addition to the
effect of prorationing practices in Kansas and Oklahoma.

Economic Review of 1954

Developmental drilling during 1954 in all but two of the oilproducing states in the District increased more than the one-tenth expansion in the Nation. Drilling was stable in Kansas and declined 23 per
cent in New Mexico. Exploratory drilling increases in Oklahoma,
Nebraska, Wyoming, and Colorado ranged from 16 to 81 per cent, compared to a 3 per cent gain in the country as a whole, while Kansas and
New Mexico registered moderate declines. In Oklahoma, improved
equipment and methods have permitted considerable expansion of drilling in areas bypassed earlier. Drilling in the western portion of the
District is concentrated in the Denver-Julesburg basin of Colorado,
western Nebraska, and Wyoming; on the east side of the Powder River
b a s i n in W y o m i n g ; a n d in the S a n J u a n b a s i n of New Mexico
and Colorado.
Two new crude pipelines were built from eastern Colorado and
Wyoming to connect with existing systems in eastern Kansas and western Missouri in 1954. The capacity of the Platte pipeline also was
expanded again last year. These expansions further increase the midwestern market outlets for western crude oil. A products pipeline was
built from Cheyenne, Wyoming, to North Platte, Nebraska, and the
Great Lakes products pipeline system was expanded in the midwest
during the year.
Natural gas production during 1954 in Colorado, New Mexico,
Kansas, and Oklahoma increased about 7 per cent, according to preliminary information. The Federal Power Commission approved construction of a pipeline from the San Juan gas basin in New Mexico and Colorado to the Pacific Northwest, although recent announcements indicate
that present plans may alter the markets served by the line. Panhandle
Eastern Pipe Line Company started an expansion designed to increase
natural gas deliveries from the Hugoton field to midwestern states.
Entirely within the District, work started on a gas line from Rock
Springs, Wyoming, to Denver.
In June, the U. S. Supreme Court held that the Phillips Petroleum
Company was a "natural gas company" within the meaning of the
Natural Gas Act and therefore was subject to regulation by the Federal
Power Commission on interstate sales of gas. The FPC has taken initial
steps toward implementing its authority over rates and service. However,
current industry maneuvers leave the final outcome in question.
18

Economic Review of 1954

The production of bituminous coal and lignite declined substantially during 1954, as natural gas and petroleum products continued to
supplant coal in many uses. Production in the District states declined
considerably more than the one-seventh drop in the country as a whole.
While output in Kansas and Missouri was down only slightly from that
in 1953—and the drop in Oklahoma approximated the national decline
—production in the western states was down markedly. Lower production in Wyoming was associated with the closing of Union Pacific mines
at Hanna. In Colorado and New Mexico, output was the lowest recorded
in more than 50 years.
Nonferrous

Metals

Consumption of zinc and lead in the United States declined somewhat during 1954. However, increased demand from European markets, along with the defense stockpiling program in this country,
improved the situation slightly and the drop in prices which started in
early 1952 was halted as some increases occurred. United States mine
production of zinc during the year, based on the rate of the first 10
months, was 15 per cent less than the 1953 tonnage, while lead production averaged 8 per cent lower. This rate indicates the smallest output
of zinc and lead since the depression year of 1934.
Production also was quite low in the zinc- and lead-producing areas
in the District, according to preliminary figures. Combined production
of the two metals in Colorado declined 12 per cent from the reduced
1953 level. In New Mexico, lead production totaled less than one third
of the 1953 output and was the smallest since 1921. Zinc production
in New Mexico was curtailed even more drastically as all zinc mines
were closed. Just before the zinc price decline, production in New
Mexico averaged more than 4,500 tons a month. Output in the tri-state
area of Kansas, Missouri, and Oklahoma increased slightly during
1954, although monthly production averaged only two thirds of that
during the first part of 1953. Production in the latter half of 1953 was
extremely low because of the unfavorable price and a strike at a large
processing mill in the area.
Climax Molybdenum Company's production of molybdenum
increased almost one fifth during 1954 with the addition of facilities
for handling 5,000 tons of lower grade ore. The mine at Climax is now

Economic Review of 1954

the largest underground mine in North America and accounts for a substantial proportion of the molybdenum production in the free world.
In December, prices of molybdenum were raised about 10 per cent, representing the first price change since December 1950.
Uranium production is one of the major metal-mining activities in
the western states of the District. Exact figures are not published but
other information indicates its growing importance. The raw materials
director of the Atomic Energy Commission stated recently that the
United States has become one of the world's chief uranium producers.
The Colorado Plateau region remained the principal producing area m
this country. The number of large deposits discovered in the region has
increased significantly; by July the number of deposits exceeding
100,000 tons totaled 15 compared to 4 in 1950. Late in the year it was
reported that one of the deposits in western New Mexico was the first
multimillion ton deposit discovered in the United States.
The uranium processing mill at Shiprock, New Mexico, was completed in 1954. A new mill is planned near Bedrock, Colorado, and
expansions were announced at several existing mills. In order to handle
the increased supply of ore being produced in Wyoming, the first
uranium ore buying station in the state is scheduled to be opened in
early 1955 at Riverton.

CONSTRUCTION

NEW record was achieved for construction activity in the United
States during 1954, with over $37 billion of new work put in place.
The total was 5 per cent above the 1953 figure, making 1954 the eighth
consecutive year in which construction activity achieved a new high.
Private construction was up 8 per cent from 1953 and was higher than
all previous years even after price adjustment; public spending was
about the same as a year earlier.
The record level was accounted for by an unprecedented dollar
volume of new construction in residential building, office building,
shopping and service establishments, schools, churches, electric light
and power facilities, water and sewer lines, and roads and highways.
20

Economic Review of 1954

Although the number of nonfarm housing starts fell short of the 1950
record, dollar outlays in 1954 were higher, due largely to increased construction costs and a trend toward larger and more expensive houses.
The high volume of residential building during the year was associated
with abundant supplies of funds for mortgage investment and the liberalized loan provisions of the Housing Act of 1954. Record activity in
the other types of construction reflected in large measure the needs of
the many new suburban developments of recent years. Declines in
private construction were confined to industrial plant, farm, railroad,
and gas utilities construction.
In keeping pace with the experience in the Nation, construction
activity in the District last year increased from the 1953 level. Construction contracts awarded in Kansas, Oklahoma, Nebraska, and western Missouri jumped nearly 50 per cent, compared with a 13 per cent
increase in the 37 states east of the Rocky Mountains. Awards for residential construction in the eastern District states exceeded the 1953
volume by four fifths, paced by a doubling of activity in Kansas. Nonresidential construction surpassed 1953 by one fifth, as increases in
Kansas and Nebraska more than offset a decline in western Missouri.
Compared with activity in the 1947-1949 period, contracts during
1954 increased 158 per cent in the eastern District states while rising
115 per cent in the 37-state area. Relative gains in residential, nonresidential, and utilities construction were larger in the eastern District
states, while awards for public works lagged. The rate of residential
building activity in the eastern District states, measured from the 19471949 base, has consistently exceeded that in the 37 states each year
since 1950.
Comparable information for the western states in the District is
not available but city building permit data indicate that 1954 building
considerably surpassed the 1953 level. Both Colorado and Wyoming
reported rather sizable gains and New Mexico showed little change. The
larger volume of building in these states during 1954 was due to
increased residential building, as nonresidential construction declined.
Residential building in the larger urban areas of the District
contributed to the high level prevailing during 1954. In the larger

Economic Review of 1954

metropolitan areas in the eastern part of the District, the expansion in
residential building was paced by a doubling of activity in Wichita,
Oklahoma City, and Kansas City. More limited information for the
western District cities indicates substantial increases in residential
building occurred in Colorado Springs, Cheyenne, and Denver. Nonresidential building activity declined from 1953 in the cities of Denver,
Albuquerque, Pueblo, Colorado Springs, and Cheyenne and in the
Tulsa Metropolitan Area.

TRADE

ETAIL SALES in the United States during 1954 barely exceeded
the previous record volume of 1953, largely as a result of
extremely high sales in December, according to an advance estimate
released by the U. S. Department of Commerce. Sales in December
apparently topped December sales of a year earlier by $1.5 billion and
also exceeded the previous best December—1952—by $1.1 billion. For
the year as a whole, sales of gasoline service and drug stores increased
moderately, while food store and restaurant sales advanced nominally.
Sales in the other major lines, however, failed to match those of 1953.
Furniture and appliance, department, and apparel store sales all
declined 1 per cent, while automotive sales and those in the lumber and
hardware group were around 5 per cent lower. Monthly sales, when
adjusted for seasonal variation, were slightly below $14 billion during
the first three months of the year. Following March, that volume was
exceeded, and in December the adjusted sales level exceeded $15 billion
for the first time.
Department store sales, which cover a myriad of items, declined
slightly in the Nation last year as the improvement in the later months
failed to offset losses registered earlier in the year. Sales in the District's department stores, however, exceeded the level of a year earlier
and matched the all-time record established in 1952. The sales pickup
in the District started several months earlier than in the country as a
whole. The sale of summer goods, such as air conditioners, improved
sales substantially during June and July. Christmas department store
sales reached new peaks in the District as well as in the Nation, contributing to the record volume of total retail sales.
22

Economic Review of 7954

Incomplete reports from the states of Kansas, New Mexico, and
Oklahoma indicate that increases in total sales compared favorably with
the slight gain in the Nation. In Missouri and Nebraska, similar information indicates sales declined nominally. Trends similar to those in
the United States occurred in food and apparel sales. Sales of District
building material stores registered an increase compared with a decline
nationally, while drug store sales dropped in the District contrary to the
United States experience. Furniture store sales declined 7 per cent in
the United States and District during the first 11 months of the year.
Passenger car registrations in the seven District states during the first
10 months of the year approximated the 7 per cent decline in national
registrations. A small increase in Colorado was more than offset by
slight declines in New Mexico, Kansas, and Oklahoma and by more substantial reductions in the other three states.
Within the District, increases in department store sales were rather
general. While sales declined 2 per cent in Topeka, 5 in St. Joseph,
and were stable in Tulsa and Kansas City, Missouri, increases ranging
up to 9 per cent occurred in the other metropolitan areas. High Decem-

Economic Review of T954

ber sales contributed materially to the favorable showing for the year in
some areas and boosted the District total for the month 8 per cent above
the year earlier level. An increase of more than one fifth for the month
occurred in Wichita and substantial gains also were registered in Oklahoma City, Albuquerque, and Denver.
Department store inventories have been quite stable in the Nation
during the past few months, when adjusted for seasonal variations. In
November, they were 2 per cent lower than a year earlier. Within the
District, stocks at the end of November were 7 per cent lower than a year
earlier as all areas showed declines, except Oklahoma City and Tulsa.
The lower level of stocks associated with a higher sales volume lowered
the stock-to-sales ratio.

MONEY-MARKETS

HE GROWING ease in money and capital markets that characterized
the last half of 1953 continued in the first half of 1954, generally
lowering interest rates and stimulating investment institutions to find
outlets for accumulating funds. Availability of credit on favorable
terms contributed to the adjustments in the economy in the year, both
by stimulating the demand for long-term funds and by promoting the
orderly liquidation of assets, where conditions dictated such a policy.
Mortgage credit was readily supplied in support of high construction
activity, while businesses and state and local governments found their
requirements quickly met by commercial banks and other financial
institutions that aggressively sought to maintain their loan portfolios.
Demands for short-term credit contracted in the period, while demands
for longer-term funds were well maintained.

In the first half of 1954, the debt of the Federal Government in
the hands of the public was reduced $4.9 billion, principally through
the maturing of tax anticipation securities. Treasury finance also exercised an important influence on the demand for short- and long-term
funds through the securities used to refund obligations coming due in
these months. Debt maturing within one year was reduced $13 billion,
while obligations maturing in 5 to 10 years were increased $10 billion.
State and local governments issued $3.7 billion of securities, further
contributing to the demand for longer-term funds.
24

Economic Review of 1954

Although die corporate demand for funds was lower than in die
first half of 1953, most of the decline was concentrated in the short-term
sector of die market. Net new issues of securities were $3.5 billion,
about $600 million less than in 1953, while bank loans were paid down
by approximately $1 billion. The liquidation of bank loans was
strongly influenced by expiration of the excess profits tax and by reductions of business inventories. The funding of short-term debt, made
feasible by strong security prices, also was a factor in the repayment
of bank loans.
Consumers also reduced their short-term debts and increased their
long-term obligations in the first half of 1954. Short- and intermediateterm instalment credit outstanding was $470 million less on June 30
than at the start of the year. On the other hand, mortgages outstanding
on 1- to 4-family houses increased $3.8 billion in the six months.
These shifting demands for credit were satisfied in part by a large
volume of saving by individuals whose funds reached the market
through insurance companies, savings and commercial banks, pension
funds, and savings and loan associations. Commercial banks, faced
with shrinking demands for short-term loans and having favorable
reserve positions, supported Uieir earnings by extending the maturity of
their portfolios. Short-term issues were sold while additional funds
were placed in intermediate-term investments, both tax-exempt and
Treasury securities, and real estate mortgages.
The easy money policy of the Federal Reserve System, initiated
around the middle of 1953, was evidenced in a number of ways. The
discount rate was reduced from 2 per cent to 1%. per cent in February
and to 1^/2 per cent in April and May. Average daily free reserves—
diat is, excess reserves less borrowings at Reserve banks—rose from a
range of $300 million to $500 million weekly in February to a level of
about $750 million weekly in June. Open-market purchases and sales
were employed in the first half of the year in neutralizing the effect on
bank reserve positions that otherwise would have resulted from variations in market factors. The availability of reserves enabled commercial
banks to increase their total loans and investments $696 million in the
first half year, whereas in the same period in 1953, when a moderately
restrictive policy was followed, these assets were reduced $3,667 million.

Economic Review of 1954

PER

PER CENT

CENT

3.5

3.5
BONDS

I
t

15 TEAKS OH MORE
OLD S E R I E S
NEW SERIES

3.0

i
I

2.5

2.0

3.0
i

2.5

k-t-NOTES $ BONDS
3-5

YEARS

1.5

2.0

1.5

1.0

BILLS5 MONTHS

*CH*NQE 114 ISSUES INCLUDED

' ' I ' ' ' ' ' ' I t I ' '
-J ' I ' L
' I '
j r « A « J J A 5 0 > I D J F M « l l J J » J 0 « [ J J F » » I I J J A S O « D

1952

1953

1954

Interest rates moved downward in the first six months of 1954 in
response to the high rate of saving and the availability of bank reserves.
The rate on newly issued Treasury bills, which averaged 1.63 per cent
in December, was 0.65 per cent in June; issues maturing after 3 to 5
years dropped from 2.22 per cent to 1.79 per cent, while the yield on
long-term Treasury securities eased from 2.79 per cent to 2.54 per cent.
Market rates on commercial paper and bankers' acceptances responded
in a similar manner. The prime bank rate on loans was reduced from
3^4 per cent to 3 per cent in mid-March.
Demands for long-term capital continued strong in the second half
of 1954 and were supplemented by seasonal factors that raised the
requirements for short-term credits. The high level of construction
activity brought an estimated $6.8 billion of mortgage money requirements, compared with a demand of $5.2 billion in the first half year.
On the other hand, new security offerings by corporations and state and
local governments were somewhat less than in the first half year. These
also were the months when the Treasury's seasonal cash borrowing was
heavy. Tax anticipation certificates amounting to $3.7 billion were sold
26

Economic Review of T954

early in August and a 1 % per cent, 2-year 7^/o-month note was sold in
October to raise $4.2 billion. Additional funds were secured by the
Treasury through the sale of $1.2 billion of certificates of interest by
the Commodity Credit Corporation. Business borrowing in the period
was closely related to the seasonal movement of farm products and the
needs of wholesale and retail trade; the volume for these purposes combined exceeded that of the preceding year. Instalment credit expanded
in the latter half of the year, but the growth was well below that of
recent years.
These requirements for credit again were supplied in part from
individual savings, but the volume was less than in the first half of the
year. Bank credit furnished an increased proportion of the requirements in these months as loans increased $3 billion and investments
approximately $7.6 billion.
Anticipating the demand for credit that would develop in the
second half of the year, the Board of Governors of the Federal Reserve
System reduced member bank reserve requirements an estimated $1,550

JAN.

FES.

MAR.

APR.

MAY

JUNE

JULY

AUG.

SEPT.

OCT

NOV.

DEC.

*Frta reserves oqual oxctss ratorvas lass borrowings from Fadaral Rasarva Banks.

Economic Review of 1954

million between mid-June and the first of August. Since the market had
no immediate need for this quantity of reserves, sales of securities were
made to absorb the excess temporarily. As demands developed in succeeding months, these reserves again were released to the market
through purchases of securities. Reserves made available through these
actions appear to have been sufficient to enable banks to meet the
demands placed before them. Late in the year, however, bank reserve
positions were less easy; average daily free reserves exceeded $500
million in only one week in December. Rates on short- and intermediateterm issues ended the year well above the lows in June but much below
the rates that prevailed at the end of the previous year.

BANKING DEVELOPMENTS

HE EXPANSION of bank loans during 1954 to meet private credit
requirements, as measured by changes in loan volume at all commercial banks in the Nation, appears to have been about 15 per cent less
than in die previous year and below any year since 1949. The general
ease in reserve positions through the year, together with the modest
demand for loans, permitted banks to acquire a large volume of securities. Holdings of Government issues rose above total loan volume at all
commercial banks late in 1954 for the first time since November 1952.
Credit developments in the Tenth District indicated a substantially
stronger demand for loans in this region than in the country as a whole.
District member banks reported a net increase in loan volume of $251
million, or 11 per cent, for the year, compared with a contraction of
$20 million in 1953 and an average annual increase of $225 million
from 1950 through 1952, a period of exceptional growth in bank credit.
District member banks also increased their holdings of securities during
the year, but by less than the gain in loans.
Under the impetus of substantial purchases of securities and an
expansion in loans, deposit volume at all commercial banks in the country rose an estimated $8 billion in 1954, after deduction of interbank
deposits and checks in process of collection. This was more than twice
the gain recorded in the previous year. An increase in deposits at District member banks of $284 million (measured on the above basis) in
28

Economic Review of J 954

1954 far exceeded the increase of $19 million in the previous year. This
expansion occurred entirely in the last nine months of the year, following a seasonal contraction which ended with the first quarter.
Credit Developments to Midyear

Movements in the level of loans at all commercial banks in the
United States in 1954 followed a more traditional pattern than in some
recent years, with a net contraction of $256 million up to midyear being
succeeded by a seasonal expansion in the second half of the year. There
was a marked liquidation of loans in January, due partly to reduction
in seasonal credit needs and partly to termination of borrowing to minimize excess profits tax liability. Throughout the following five to seven
months, contraction of business loans was largely offset by increases in
other types of loans, and total loan volume moved within relatively
narrow limits.
Business loans were the main contractive force during the first
half of the year, continuing the downward trend evident in 1953. The
decrease in the first six months, however, was considerably sharper
than the decrease in the corresponding period of 1953. Examination of
the data suggests that the bulk of the reduction resulted from lower
inventory needs and a decreased volume of trade receivables. The shift
from inventory accumulation to liquidation, which began in 1953 and
continued in 1954, enabled many firms—particularly in durable goods
manufacturing—to reduce bank indebtedness. Adjustment of corporate
inventories resulted in a $2 billion decline in the first half of 1954, in
contrast to the increase of $2.6 billion in the corresponding period in
1953. In addition, trade receivables contracted from January through
June of 1954. Besides this net contraction in aggregate short-term credit
requirements, some firms shifted from bank to nonbank sources of
credit. The proceeds of security issues—particularly in the public utilities industry—were used in part to repay bank loans. While most of
the nonbank financing represents long-term credit, there is evidence
that some sales finance companies did a greater proportion of their
short-term debt financing through sale of commercial paper to
nonbank lenders.
The high level of construction activity was reflected in the growth
of mortgage loans at commercial banks throughout the Nation in 1954.

Economic Review of 1954

Real estate loans expanded $533 million from December 3 1 , 1953, to
June 30, 1954, an increase over the growth in the first half of 1953.
A large part of the gain originated in the steadily mounting volume of
residential mortgages, particularly Veterans Administration guaranteed
obligations which responded vigorously to the relaxation of credit.
Short- and intermediate-term consumer credit showed a small decrease at all commercial banks during the first six months of the year,
in contrast to the phenomenal growth of $1.2 billion in the same period
of 1953. This contraction in consumer credit at banks was concentrated in automobile instalment credit and reflected both a smaller
volume of automobile sales and a shift to nonbank automobile lenders.
The strong over-all rise in loan volume recorded at District member banks during 1954 was initiated early in the year, as total loans
expanded over the first quarter—while loans in the United States declined sharply. Although this gain was largely offset by the heavy
seasonal liquidation of Commodity Credit Corporation g u a r a n t e e d
loans on wheat in the second quarter—$124 million—total loan vol-

JAN. FEB.

MAP,. APR.

MAT

JUNE

JULY

AUG

SEPT. OCT.

NOV.

OEC

Economic Review of 1954

ume on June 30 was slightly above the high 1953 year-end level. Business, real estate, and consumer loans all revealed upward trends in the
first half of the year, with the increases about equally distributed between reserve city and country banks.
Banks in the United States increased their security portfolios
about $1 billion in the first six months of 1954, in contrast to the total
reduction of $4.3 billion in the comparable period in 1953. The difference between the records of these two years reflects the change in
intensity of loan demands and the increased availability of reserves at
commercial banks. In addition to expanding their investment portfolios, banks began an alteration in composition of holdings which
continued beyond midyear. During the first half of 1954, most of the
new funds invested in securities were directed into tax-exempt state
and local issues. Investment policy also was aimed toward extension
of maturities and was accommodated in part through new securities
offered by the Treasury in the intermediate maturity range. In part,
however, the increase in average maturity of bank portfolios was accomplished through selection of longer issues from the market supply.
Treasury bill, certificate, and note holdings decreased $ 5 billion and
Treasury bonds increased $5.1 billion. Tax-exempt issues increased
about $1 billion.
Investment policies of Tenth District member banks followed
trends generally similar to those of banks throughout the country.
Short-dated issues were liquidated, with Treasury bill and certificate
holdings dropping $305 million. Longer-term securities showed gains,
with Treasury notes increasing $7 million and bonds $229 million.
The latter gains were concentrated in the 5- to 10-year range. Holdings of other securities, chiefly tax-exempt state and local issues, increased $30 million.
Credit Developments

After

Midyear

The decline in loan volume at all commercial banks in the first
half of the year was reversed by seasonal factors in the final half year,
and total loans were at a record level by year end. On the basis of
data for the end of November, it appears that loan volume increased
$3.1 billion from midyear to December 3 1 . The increase in the same
period of 1953 was $2.6 billion. Thus, while the increase for the

Economic Review

1954

entire year was below that of 1953, the last half expansion was about
20 per cent greater. Business loans contributed significantly to the
gains in tins 6-month period, with the seasonal industries—food,
liquor, and tobacco manufacturers, commodity dealers, and wholesale and retail distributors—as prominent borrowers. The metals and
metal products industries, sales finance companies, and public utilities continued to liquidate bank loans in the latter half of 1954, but
these decreases failed to offset the increases provided by other classes
of business borrowers. Mortgage credit conditions continued easy
through the last six months of the year, and the pace of expansion in
real estate mortgage loans at commercial banks appears to have increased over the first half of the year. Mortgage holdings of weekly
reporting banks grew $500 million from midyear to the end of December. This compares with an increase of $175 million in the second
half of 1953. Increased consumer requirements for funds to finance
automobiles and household durables also supported the growth of loan
volume in the last half of the year. Most of the increase during the
third quarter consisted of automobile instalment credit, but the gains
in November and December reflected rising noninstalment credit.
Through the final months of 1954, bank loans to finance security purchases continued an expansion which had been initiated somewhat
before midyear. These loans increased more than $1 billion from the
beginning of May to the end of December at weekly reporting banks,
and on the latter date were at the highest year-end level since 1945.
Expansion of loan volume at District member banks during the
final six months of 1954 was $237 million, approximately $132 million more than in the same period of 1953. The rise in these months
was strongly influenced by seasonal business borrowing, although
other factors also were present. Food manufacturers and commodity
dealers obtained bank credit early in the fall, but later borrowing
appears to have originated chiefly from other sources—petroleum and
chemical firms and sales finance companies. Most of the commercial
and industrial loan demand was met by reserve city banks. Guaranteed crop loans—mainly on wheat—increased $108 million at District
country member banks in the second half of 1954. Reserve city banks
also reported increased holdings of Commodity Credit Corporation
paper during the final six months of the year, an increase which represented mainly purchase of certificates of interest based on stored com32

Economic Review of 1954

modifies. Nonguaranteed loans to farmers increased slightly at District banks from July through December, as increased loans to cattle
feeders and others reversed the 2-year downtrend in these loans. Real
estate loans continued to increase, showing a gain of $42 million from
midyear to December 31. Consumer loans also recorded a net growth
of $14 million in the final six months of the year.
The reduction in reserve requirements around midyear enabled
banks to expand security holdings extensively during the latter months
of 1954. Holdings of Treasury issues increased an estimated $6.5
billion at all commercial banks from June 30 to December 31 and
holdings of state and local issues increased $1.1 billion. In the same
months of 1953, the corresponding increases were $4.8 billion and
$288 million, respectively. The gains in 1954 brought bank investment in tax-exempt issues to the highest year-end level on record and
holdings of Treasury securities to the highest year-end level since 1946.
District member banks also increased investment portfolios in the
final six months of 1954, but by smaller amounts relative to loan extensions than did banks in the country as a whole. All commercial
banks extended more than twice as much credit through security purchases as through loan expansion, while District member bank security
holdings increased somewhat less than loans. Holdings of Treasury
issues rose $131 million and other securities $26 million. Most of
the increase in investments took place at country banks, where the total
gain was $113 million.
Credit Developments and Money Supply
Deposits at all commercial banks in the United States, excluding
interbank deposits and items in process of collection, decreased $900
million over the first six months of 1954, while in the same period
of 1953 balances at commercial banks declined $4.4 billion. The
decline in the first half of 1954 resulted from reductions in bank
loans and other factors, and heavy bank selling of Government securities was mainly responsible for absorption of the large deposit volume
in the first half of 1953. In the final six months of 1954, increased
loans and investments were the principal expansionary forces. Despite
some decline in the gold stock and a rise of currency in circulation,
deposit volume increased an estimated $9 billion from June 30
through December 31.

Economic Review of 1954

MILLIONS

OF DOLLARS

DOLLARS

6200

6000

5800

5600

5400
JAN.

FEB.

MAR. APR.

MAY

JUNE

JULY

AU«. SEPT.

OCT.

MOV.

PEC.

The record of deposit changes at District member banks conformed generally to the pattern of previous years, decreasing over the
early months and expanding in the succeeding months. The period of
contraction lasted only through March 1954, however, compared with
a contraction lasting four to six months in other recent years. In the
first three months, total deposits decreased $181 million, all of the
change occurring at reserve city banks. From the beginning of April
through the end of the year, deposits expanded a total of $465 million,
approximately half of the increase being reported at city banks.

BANK OPERATIONS IN 1954
T 1 1 H E GENERAL trend toward a slightly lower level of business
, I - activity throughout the Nation during the past year was apparI ( ent to some extent in the operations and earnings of the bank.
t
t-~ _* Whil e there was a moderate volume increase in some operations, others showed a small decline which is reflected in the following summary.
Gross earnings of $19,082,186 were $2,577,135 less than in 1953,
but expenses and deductions from earnings—totaling $5,440,959—
also were reduced, resulting in net earnings of $13,641,227, a decrease
of $2,293,005. The reduction in earnings was largely the result of lower
average yield on holdings of U. S. Government securities.
The usual 6 per cent dividend paid to member banks totaled
$627,677 and $11,691,201 was paid to the United States Treasury as
interest on outstanding Federal Reserve notes of this bank. Remaining
net earnings of $1,299,139 were transferred to surplus.
Reserve deposits of member banks in the Tenth District totaled
$912 million on December 31, 1954, a decrease of $53 million from
the previous year end. Federal Reserve notes of this bank in circulation at year end totaled $1,029 million, compared with $1,020 million
at the close of 1953. Peak circulation for the year, also an all-time high
for this bank, occurred on December 20, when the total reached $1,036
million. Total money in circulation in the United States during 1954
reached a high on December 22 of $30,946 million which was $217
million below the all-time mark established on December 23, 1953.

STATEMENT OF CONDITION
ASSETS

Dec. 3 1 , 1954

Cash reserves:
Gold certificates
Other cash
Discounts and advances

878,657,997
14,928,807
6,566,667

U. S. Government securities:
Bills
Certificates
Notes
Bonds
Total U. S. Government securities

1,073,783,000

Deposits

Total Liabilities

Total Liabilities and
Capital Accounts

1,103,420,000
1,104,515,000
8,900,500
217,604,157
2,245,359
7,319,090

$2,198,896,994

$2,251,619,115

Dec. 31,1954

Dec. 31,1953

Deferred availability items
Other liabilities

CAPITAL ACCOUNTS
Capitol paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies

113,155,000
253,501,000
578,071,000
158,693,000

849
10,672,500
205,671,927
2,532,986
6,082,261

Federal Reserve notes
$
Deposits:
Member bank—reserve accounts
U. S. Treasurer—general account
Foreign
Due to other F. R. Banks—collected f u n d s . . .
Other deposits
Total

895,954,065
15,080,082
1,095,000

1,080,349,667

Due from foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
Other assets

LIABILITIES

93,492,000
598,940,000
260,472,000
120,879,000

Total loans and securities

Total Assets

Dec. 3 1 , 1953

1,028,613,750

862

1,019,799,060

912,170,834
31,580,733
18,316,000

965,518,357
20,930,914
15,549,600

4,837,709

8,115,686

966,905,276

1,010,114,557

160,467,077
459,694

180,744,538
605,362

$2,156,445,797

$2,211,263,517

10,912,150
24,755,183
1,137,044
5,646,820

$2,198,896,994

10,138,900
23,456,044
1,137,044
5,623,610

$2,251,619,115

EARNINGS AND EXPENSES
EARNINGS AND EXPENSES

Year 1954

Year 1953

Current Earnings
Discounts and advances
Industrial advances (commitments)
United States Government securities
All other

250,061.56
5,134.67
18,789,636.61
12,851.25

1,202,890.77
5,449.38
20,346,255.76
15,174.96

$19,057,684.09

$21,569,770.87

Net operating expenses
$ 4,887,141.64
Assessment for expenses of Board of Governors.
158,100.00
Federal Reserve currency —
Original cost, including shipping charges..
297,668.24
Cost of redemption,
including shipping charges
40,890.93

$ 4,785,336.62
154,700.00

Current Expenses

CURRENT NET EARNINGS

511,945.95
50,725.19

$ 5,383,800.81

$ 5,502,707.76

$13,673,883.28

$16,067,063.11

21,790.59
2,711.36

88,787.01
763.29

24,501.95

89,550.30

23,210.48
57,157.51

29,746.10
222,380.92

80,367.99

252,127.02

Additions to Current Net Earnings
Net profit on sales of United States
Government securities
Other

Deductions from Current Net Earnings
Transferred to reserves for contingencies
Other

NET EARNINGS

$13,618,017.24

$15,904,486.39

Distribution of Net Earnings
Dividends paid
Paid United States Treasury (interest on
outstanding Federal Reserve notes)
Transferred to surplus

627,676.93

592,216.72

11,691,201.49
1,299,138.82

13,780,961.70
1,531,307.97

$13,618,017.24

$15,904,486.39

Bank Operations in 1954

Member bank borrowings decreased sharply during the year with
102 banks borrowing a total of $2 billion. Total borrowings of 124
banks during the previous year were $8 billion. Borrowings averaged
$38 million weekly in 1954, compared with $154 million in 1953.
A record volume of 154 million checks (excluding Government
checks) with an aggregate value of $56 billion was handled in 1954.
This represented an increase of 3 per cent in number, and a nominal
increase in dollar value over the previous year. A total of 38 million
Government checks, aggregating slightly less than $27 billion, also was
handled in 1954. This was an increase of about 14 per cent in number,
but a slight decrease in total dollar amount from the previous year.
Cutbacks in defense production and in Armed Forces and civil service
personnel since the end of the Korean conflict have resulted in a gradual reduction of Government expenditures in this area. This reduction
has been partly offset by an increase in the number of recipients of
Social Security benefits, and has been obscured further by an increase
in the number of Government checks paid through this bank that were
formerly paid through other Federal Reserve Banks.
Noncash collections handled in 1954 consisted of 587,000 items
for an aggregate amount of $538 million. This is a 17 per cent increase
in volume and a 6 per cent increase in total dollar amount over the previous year. A significant portion of the increase is attributable to the
growth of outstanding bonds of local issuers which has resulted in more
coupons being presented for collection through this bank.
Incoming and outgoing wire transfers of funds numbered 125,000
during the year and represented the transfer of $46 billion. This was
an increase of 4,000 in number and $5 billion over transactions in 1953.
Safekeeping accounts at year end numbered 1,759 and contained
securities with an aggregate value of $2.7 billion. This represents a
decrease of 65 in number of accounts, and a contrasting slight increase
in total value of securities held at the close of 1953.
Money department activities in general were down slightly in 1954
both in terms of volume and in aggregate amount of transactions. Some
422 million pieces of currency, representing an aggregate amount of
38

VOLUME OF OPERATIONS
NUMBER OF PIECES HANDLED

(in thousands)

Discounts and advances
Currency received
Currency paid out
Coin received
Coin paid out

1954

1953

1
210,829
211,134
349,740
339,363

2
216,449
214,697
351,774
355,849

37,850
154,357
587

33,314
149,075
502

394
392
2
125

383
419
2
121

8,413
339
50,051
536
345
21,881
166

7,735
303
23,700
620
326
22,598

248
4,212

271
3,720

Checks:
United States Government
All other (including return items)
Collection items
Safekeeping of securities:
Pieces received and delivered
Coupons detached and collected
Purchase and sale of securities for account of others
Transfers of funds
Operations performed as Fiscal Agent of the
United States Government:
Securities received and delivered —
United States savings bonds
Other Government securities
United States currency redeemed
Government security coupons redeemed
Federal tax depositary receipts
Postal money orders
Postmasters' deposits
Incoming and outgoing mail:
Registered mail
Ordinary mail

AMOUNTS HANDLED (in thousand, of dollars)

1954

1953

$ 1,984,838
1,235,152
1,231,789
29,070
28,509

$ 8,011,098
1,263,396
1,262,875
29,252
28,399

Checks:
United States Government
All others (including return items)
Collection items

26,656,905
55,885,935
537,661

27,078,236
54,491,130
507,763

Safekeeping of securities:
Securities received and delivered
Coupons detached and collected
Purchase and sale of securities for occount of others
Transfers of funds

18,790,748
35,627
297,720
45,938,895

27,327,970
33,547
291,766
41,267,336

Operations performed as Fiscal Agent of the
United States Government:
Securities received and delivered —
United States savings bonds
Other Government securities
United States currency redeemed
Government security coupons redeemed
Federal tax depositary receipts
Postal money orders
Postmasters' deposits

889,730
12,589,769
75,453
58,433
998,700
348,432
170,541

739,133
11,776,245
34,848
62,162
711,COO
359,515

Discounts and advances
Currency received
Currency paid out
Coin received
Coin paid out

Bank Operations in 1954

approximately $2.5 billion, were received and paid out during the year.
This was a decrease of 2 per cent in number and aggregate amount from
1953. Coin receipts and payments reflected a similar decrease of 2 per
cent in pieces handled but practically no change in total dollar value
from the previous year. About 689 million pieces of coin were handled
for an aggregate of $58 million.

SERVICES ASJFlkAL AGENT
Government

Securities

HREE NEW cash offerings of Treasury marketable securities were
made during the year. One was an issue of 1 per cent tax anticipation certificates maturing March 22, 1955, but acceptable at par on
March 15, 1955, in payment of taxes. The other offerings were two
issues of Treasury notes, one bearing 1 % per cent interest and maturing
in 2 years and 7 % months, and the other bearing 1 % per cent and
maturing in 4 years and 9 months.

Five issues of short-term certificates of indebtedness bearing 2 %
to 2 % per cent interest, two issues of Treasury notes, and two issues of
2 per cent Treasury bonds matured. In addition, one issue of 2 per cent
bonds and two issues at 2%. per cent were called by the Treasury. In
exchange for these matured and called securities, the Treasury offered
four new issues of certificates bearing 1% to 1 % per cent interest, one
issue of 1 % per cent Treasury notes, and three new bond issues bearing
2 ^ to 2 % per cent interest with maturities in 1960, 1961, and 1963.
Total deliveries of the new securities in this District on both cash and
exchange offerings aggregated $1.7 billion.
During the year, $1.5 billion in Treasury bills were issued in the
District, a decrease of $1.1 billion in total value from 1953. This reduction resulted primarily from the fact that banks in the District moved
into longer-term issues and hence had fewer bills to turn over in the
weekly bill offering. The number of tenders submitted increased, however, from 6,044 in 1953 to 10,577 in 1954; and the average yield on
these securities ranged from 0.616 to 1.336 per cent, compared with a
range of 1.220 to 2.416 during the preceding year. In addition to regular weekly offerings, there were two issues totaling $2.6 billion of tax
anticipation bills for which tenders amounting to $202 million were
accepted in this District.
40

Bank Operations

in 1954

United States savings bonds issued in the District in 1954 totaled
$429 million, an increase of 31 per cent over sales of $328 million in
die previous year. The total included $350 million in Series E and H
bonds, the types designed for individual investors. This was an increase
of 21 per cent over sales of $290 million in these series in 1953.
Redemptions of all series, both matured and unmatured, totaled $336
million, which represented an increase of 8 per cent over 1953. This
included Series E and H bond redemptions of $249 million, compared
with $234 million in these series for 1953. Sales of Series E and H
bonds in the District for the year thus exceeded redemptions by $101
million, compared with an excess of $56 million in sales over redemptions in the previous year.
United States savings bonds held in safekeeping for member banks
and individuals at the close of 1954 amounted to approximately $23
million. Both the amount of savings bonds held at year end and the
volume of deposits and withdrawals during the year were substantially
the same as during the preceding year.
The number of banks qualified as U. S. Treasury depositaries at
year end totaled 1,380, an increase of 13 over the previous year. Frequent withdrawals were made from Treasury tax and loan accounts
during the year, and at year end total funds on deposit in these banks
amounted to $166 million, an increase of $15 million over the preceding year.
Reconstruction Finance Corporation

Loan Pool

On February 27, 1954, the Reconstruction Finance Corporation
announced that about 3,500 current business loans of less than
$500,000 in its portfolio were being pooled, and that upon application
the loans would be placed in the hands of commercial banks to service
and collect. Certificates of interest evidencing an undivided interest in
the pool were then offered to banks through the Federal Reserve Bank
of Chicago, as fiscal agent.
Under this plan, the Federal Reserve Bank of Kansas City acts as
a liaison between the Federal Reserve Bank of Chicago and the servicing banks for purposes of processing payments of principal and interest
on the loans. During the year, this bank processed payments on a total

Bank Operations in 1954

of 227 pool loans, of which 4 1 were paid in full, leaving
186 outstanding.
Commodity Credit Corporation Price Support Loan Poof
The Commodity Credit Corporation plan which provided eligible
commercial banks with an opportunity to finance price support loans on
commodities other than cotton was continued throughout 1954. Six pro
rata payments on participation certificates issued under this plan and
held by member banks in this District were processed during the year.
These represented total payments of more than $58 million.
Miscellaneous Fiscal Agency Services
In its capacity as Fiscal Agent for the Government, the bank also
continued to handle the following activities throughout the year: verification and destruction of unfit United States currency; loans under
Regulation V for defense production purposes; receipt of deposits of
Federal taxes under the depositary receipt system; and processing of
postal money orders. There were no significant changes during the year
either in the nature or volume of these activities.
In June 1954, the Federal Reserve Banks began receiving surplus
deposits direct from postmasters at the request of and under an agreement with the Post Office Department. These deposits formerly were
made with designated commercial banks throughout the country. A
total of 166,000 deposits aggregating $171 million was handled by this
bank during the last seven months of 1954.
MEMBER AND NONMEMBER BANKS
750 member banks in the Tenth District at the close of
the year, including 618 national banks and 132 state-chartered institutions. During the year, three national banks were absorbed by nonmember state banks, one national bank was absorbed by another national
bank, and one national bank entered into voluntary liquidation. One
nonmember state bank was admitted to membership in the Federal
Reserve System. The above changes resulted in a net decrease of four
member banks in the District for 1954.
T P H E R E WERE

The District had 1,005 nonmember banks at year end, a decrease
of one from the previous year. All but seven of these were on the Fed42

Bank Operations

in 1954

eral Reserve par collection list. During the year, four nonmember state
banks commenced business, one consolidated with a national bank, and
two entered voluntary liquidation. One bank suspended operations,
another became a member of the Federal Reserve System, and a savings
bank converted to a commercial institution.

BANK EXAMINATION
TO EPRESENTATIVES of this bank examined 125 of the 132 state member
-•-*- banks in the District during the year, with the remaining seven
banks scheduled for examination early in 1955. Fifty banks were examined jointly with representatives of state banking departments, including two special examinations. Seventy-seven banks were examined
independently by our examiners, including examination of a nonmember state bank which applied for membership in the Federal
Reserve System.

RESEARCH
facilities of the bank were directed throughout the
year toward the analysis and interpretation of financial and other
economic developments, with particular reference to their significance
to the Tenth Federal Reserve District. In this connection, assistance was
given to the directors and officers of the bank and to the Board of Governors. The research program also was devoted to serving the commercial banks and the general public of this region.

H P H E RESEARCH

Economic information was made available to the public through
publications and speeches. Beginning in January 1954, the Monthly
Review was changed substantially in both format and content, and
during the course of the year its circulation showed a marked increase.
A booklet entitled "Financing Agriculture Through Commercial Banks,"
based on a special research project, was issued in the spring. As in past
years, various other publications, statistical reports, and press releases
were issued throughout the year.
In cooperation with the state bankers associations, economic
forums were conducted before regional bankers meetings throughout

Bank Operations

in 1954

Colorado, Oklahoma, and Wyoming. Members of the staff had numerous other speaking engagements on various economic subjects during
the year before bank and other groups.

CHANGES IN DIRECTORS AND OFFICERS
Directors

A vacancy existing on the Head Office Board of Directors at the
close of 1953 was filled early in 1954, when member banks in Group 3
elected K. S. Adams, Chairman of the Board of Phillips Petroleum
Company, Bartlesville, Oklahoma, a Class B Director for a term expiring December 31,1956. Mr. Adams was elected to succeed L. C. Hutson
who died November 16, 1 9 5 3 . Mr. Hutson had served since
June 27, 1944.
A vacancy was created on the Head Office Board of Directors by
the resignation of Thomas A. Dines, a Class A Director, effective January 28, 1954. In a special election, member banks in Group 1 elected
Harold Kountze, President of the Colorado National Bank of Denver,
Colorado, to serve the unexpired term of Mr. Dines, ending December
31, 1954. In the regular fall election, Mr. Kountze was re-elected a
Class A Director for a 3-year term. Mr. Dines' service with the bank
dated from January 1, 1936, when he became a Director of the Denver
Branch, and his membership on the Head Office Board commenced on
February 14,1939. Mr. Kountze previously had served from September
24, 1925, through December 31, 1936, and again from December 21,
1939, through December 31, 1946, as a Director of the Denver Branch.
Late in 1954, the Board of Governors announced the appointment
of Joe W. Seacrest, President of the State Journal Company, Lincoln,
Nebraska, as a Class C Director on the Head Office Board for a 3-year
term beginning January 1, 1955. Mr. Seacrest formerly served from
April 16,1948, through December 31,1953, as a Director of the Omaha
Branch. He succeeds Lyle L. Hague, who became ineligible for
reappointment at the close of his term on December 31,1954. Mr. Hague
had served as a Class C Director since May 10, 1943.
On December 17, 1954, the Board of Directors named R. Otis
McClintock, President of the First National Bank and Trust Company
44

Bank Operations

in 1954

of Tulsa, Oklahoma, a Director of the Oklahoma City Branch for a
term expiring December 31, 1956. Mr. McClintock succeeds Frank A.
Sewell, who became ineligible for reappointment at the close of his
six years service.
A vacancy on the Denver Branch Board caused by the expiration of
the term of G. Norman Winder has not yet been filled by the Board of
Governors. Mr. Winder became ineligible for reappointment at the
close of 1954.
Officers
The following changes in the official staff of the bank became
effective on January 1, 1954:
P. A. Debus, formerly Cashier at the Omaha Branch, was appointed
a Vice President and assigned to the Omaha Branch to succeed Lloyd H.
Earhart, who retired at the end of the previous year. Mr. Debus had
been with the bank since January 1919. Prior to his assignment to the
Omaha Branch in January 1953, his varied experience at the Head
Office included service as Manager of the Accounting department,
Assistant Cashier, and Cashier. Mr. Earhart had served as officer in
charge of the Omaha Branch since 1920 and previous to that had been
an officer at the Head Office, where he was first employed in 1917.
U. S. Berry, formerly Assistant Cashier at the Omaha Branch, succeeded Mr. Debus as Cashier. He also had been with the bank since
1919. All of his service has been at the Branch. Prior to becoming Assistant Cashier in 1942, he was Supervisor of the Accounting department.
Walter L. Pleiss, formerly Supervisor in the Fiscal Agency department at the Omaha Branch, was appointed Assistant Cashier to succeed
Mr. Berry. He had been with the Omaha Branch since 1930.

* DIRECTORS AND OFFICERS, 1955
DIRECTORS
RAYMOND W.

HALL

Vice President and Director
Hall Brothers, Inc.
Kansas City, Missouri
Chairman of the Board and Federal Reserve Agent
CECIL PUCKETT

Dean, College of Business Administration
University of Denver
Denver, Colorado
Deputy Chairman
K. S. ADAMS, Chairman of the Board
Phillips Petroleum Company
Bartlesville, Oklahoma
W. L. BUNTEN, President

Goodland State Bank
Goodland, Kansas

W. S. KENNEDY, President and

Chairman of the Board
The First National Bank of
Junction City
Junction City, Kansas
HAROLD KOUNTZE, President

The Colorado National Bank of
Denver
Denver, Colorado
MAX A. MILLER, Livestock Rancher
Omaha, Nebraska

E. M. DODDS, President

United States Cold Storage
Corporation
Kansas City, Missouri

JOE W. SEACREST, President

State Journal Company
Lincoln, Nebraska

OFFICERS
H. G. LEEDY, President

HENRY O. KOPPANG, First Vice President
D. W. WOOLLEY, Vice President
CLARENCE W. TOW, Vice President
E. D. VANDERHOOF, Vice President
JOHN T. BOYSEN, Vice Pres. & Cashier
P. A. DEBUS, Vice President*
G. A. GREGORY, Vice President*
R. L. MATHES, Vice President*
F. H. LARSON, Asst. Vice President
(*) Assigned
46

E. U. SHERMAN, Asst. Vice President
J. C. CRAIG, Assistant Cashier
C. A. CRAVENS, Assistant Cashier
JOSEPH R. EUANS, Assistant Cashier

J. S. HANDFORD, Assistant Cashier
J. T. WHITE, Assistant Cashier
C. L. BOLLINCER, General Auditor
L. F. MILLS, Chief Examiner
to Branch

MEMBER OF FEDERAL ADVISORY COUNCIL
CHARLES J. CHANDLER, President

First National Bank in Wichita
Wichita, Kansas
MEMBERS OF INDUSTRIAL ADVISORY
THOMAS MCNALLY, Chairman

COMMITTEE

MASON L. THOMPSON, President

of the Board
McNally-Pittsburg Manufacturing
D;»fK^ a v-°JL.,*

Standard Steel Works
North Kansas City, Missouri
ALBERT R. WATERS, President

rittsbure,
c Kansas
HAROLD F. SILVER, President
Silver Engineering Works, Inc.
Denver, Colorado

/- . iv7 » r>
Carter-Waters Corporation
Kansas City, Missouri

WILLIAM N. DERAMUS, President

Kansas City Southern Railway Company
Kansas City, Missouri

DENVER BRANCH
DIRECTORS
AKSEL NIELSEN, President

The Title Guaranty Company
Denver, Colorado
Chairman
MERRIAM B. BERCER, Vice President

ARTHUR JOHNSON, President

The Colorado National Bank of
Denver
Denver, Colorado

First National Bank in Raton
Raton, New Mexico

R A L P H S. NEWCOMER, Executive

Vice President
First National Bank in Boulder
Boulder, Colorado

OFFICERS
G. A. GREGORY, Vice President
H. L. STEMPEL, Cashier
HUBERT G. DUCK, Assistant Cashier

H. W. PRITZ, Assistant

Cashier

OKLAHOMA CITY BRANCH
DIRECTORS
DAVIS D. BOVAIRD, President

The Bovaird Supply Company
Tulsa, Oklahoma
Chairman
R. OTIS MCCLINTOCK, President

GEORGE R. GEAR, President

The First National Bank and
Trust Company of Tulsa
Tulsa, Oklahoma

The City National Bank of Guymon
Guymon, Oklahoma
P H I L H. LOWERY, Owner

F. M. OVERSTREET, President

Lowery Hereford Ranch
Loco, Oklahoma

The First National Bank at
Ponca City
Ponca City, Oklahoma

OFFICERS
R. L. MATHES, Vice President
F. W. ALEXANDER, Cashier

F. R. FRITZ, Assistant

Cashier

FRED C. SCH MOCKER, Assistant

Cashier

OMAHA BRANCH
DIRECTORS
GILBERT C. SWANSON, Chairman of the Board

C. A. Swanson & Sons
Omaha, Nebraska
Chairman
GEORGE J. FORBES, Executive

Vice President
The First National Bank of
Laramie
Laramie, Wyoming
MANVILLE KENDRICK, Rancher

Sheridan, Wyoming

WILLIAM N. MITTEN, Chairman

of the Board and President
First National Bank of Fremont
Fremont, Nebraska
ELLSWORTH MOSER, President

The United States National Bank
of Omaha
Omaha, Nebraska

OFFICERS
P. A. DEBUS, Vice President
U. S. BERRY, Cashier

W. P . DORAN, Assistant Cashier
WALTER L. PLEISS, Assistant

Cashier

TENTH

Kansas Economic Forums-March-April 1955

ECONOMIC TRENDS
A GRAPHIC SUMMARY OF ECONOMIC
DEVELOPMENTS TO EARLY 1955

FEDERAL

RESERVE

BANK

OF K A N S A S

CITY

CONTENTS
Index of Industrial Production
Components of Total Output
National Security Expenditures
Gross Private Domestic Investment
Business Inventories
Inventories of Durable Goods
Plant and Equipment Expenditures
Consumer Expenditures

Feed Concentrate Supply
Wheat Acreage Planted
(United States and Kansas)
Wheat Production (United States and Kansas) . .
Wheat Consumption and Population
(United States)
Wheat Exports and Carryover (United States) .
Total Loans and Investments, All Commercial
Banks, and Deposits Adjusted and Currency .
Average Daily Free Reserves, United States (Excess
Reserves Minus Borrowings from Reserve Banks)
Member Bank Borrowings from Reserve Banks
(United States)
Loans and Deposits (Kansas Country Banks and
All Member Banks, United States) . . . .
Loans and Deposits (Kansas Reserve City Banks
and All Member Banks, United States) . . .
Total Investments of Kansas Reserve City and
Country Member Banks
Yields on Selected U. S. Government Securities .
Extensions and Repayments of Consumer
Instalment Credit, United States
Total Mortgage Debt Outstanding
State and Municipal Security Issues
(Gross Proceeds)
Maturity Structure of Marketable U.S. Government
Securities, Per Cent of Total (Cumulative) . .

3
4
5
6
7
8
9
10

U.S. Housing Starts (New Private Nonfarm) . 11
U. S. Employment Conditions
12
Employees in Nonagricultural
Establishments in Kansas
13
Consumer and Wholesale Prices
14
Wholesale Prices
15
Prices Received and Paid by U. S. Farmers . . 16
Trends in Our Eating Habits
17
Cattle and Sheep on Farms and Pigs Produced
(United States)
18
Livestock on Kansas Farms
19
Meat Production Per Person (United States) . 20
All Prices Received by Farmers and Meat
Animal Prices (United States)
21
Average Prices Received by Farmers for
Meat Animals (United States)
22
Cattle Prices
23

24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

INDEX OF INDUSTRIAL PRODUCTION
INDEX

160

SEASONALLY ADJUSTED.

1 9 4 7 - 4 9 AVER. = 100

INDEX

160

COMPONENTS OF TOTAL OUTPUT

BILLIONS
OF DOLLARS

SEASONALLY ADJUSTED ANNUAL RATE

1250

250 1
200

—1200

V- CONSUMER

PURCHASES
150

150

100

GOVT. PURCHASES

50
FOREIGN

INVESTMENT

0
-25

J_l

LI I

1947

I 1 i

1 i

1949

I I 1 I

iI I

1951
4

DOM.
INVESTMENT

i I t

0
i

• I ' »

1953

J j

1955

-25

NATIONAL SECURITY EXPENDITURES*
.LIONS

OF DOLLARS

FISCAL YEAR

* MILITARY, FOREIGN MILITARY AID,
ATOMIC ENERGY, AND STOCKPILING.

BILLIONS

50.3
43.8

46.5

K'
MtV

-.jj
,J

-T

J3
*t*f
•hr

C-

bv
!** >

22.3

f s

14.4
11.7

12.9

k
l i

13.0

'- J
•'%

*••
*-«
S":

EST.
40.6
1
a

^E*

H
HE.
Hh1 1
Hi* **
•p

Kv
B
H M

HP ^
B»*'

1948

1949

1950

1951

1952
5

1953

1954

\*£

<»
^'

"it

f i;
'

EST.
40.5

£n<
'»
:V

1 '
r*'

1947

OF DOLLARS

W M
5*

1955

1956

GROSS PRIVATE DOMESTIC INVESTMENT

BILLIONS
OF DOLLARS

SEASONALLY

ADJUSTED ANNUAL RATES

BILLIONS
OF DOLLARS

TOTAL

10
0
I I I

-101
1947

1949

1951

1953

1955

-10

BUSINESS INVENTORIES
SEASONALLY

BILLIONS OF DOLLARS

ADJUSTED

BILLIONS OF DOLLARS

TOTAL-^

WHOLESALE
iiiiiiiiiiiiliiiiiifiiiiiliimiiiiiiilininiiiiiiliii

19 47

1949

i • I i l l i • 1111 I 111ill 111 • 11 I 111ill 1111 • • 1111illt i i i i i

1951
7

1953

1955

INVENTORIES OF DURABLE GOODS
BILLIONS OF DOLLARS

SEASONALLY ADJUSTED

BILLIONS OF DOLLARS

30
25
MANUFACTURING
—UO

HlO

WHOLESALE
• 1111111111 ill 1111111111 ill 11 n 111111 ill 1111111111 ill 1111111111 Ji 1111111111 ill 111111

1947

1949

1951
8

1953

HUM 1 "I

1955

' 0

PLANT AND EQUIPMENT EXPENDITURES
BILLIONS
OF DOLLARS
301

^
SEASONALLY ADJUSTED ANNUAL RATE

BILLIONS
OP DOLLARS

^-MANUFACTURING

^ANTICIPATED
•

— i — J — L L I

i i ili

1947

i i ill

1949

i i ill

i • 'Ii

1951
9

i i ili

i i ill

1953

i iT l T

i i L

1955

CONSUMER EXPENDITURES

BILLIONS
OF DOLLARS

SEASONALLY
ANNUAL

ADJUSTED
RATE

BILLIONS
OF DOLLARS

130

120

Hl20

10
.

100

too

NONDURABLE GOODS

SERVICES

i i i I i i i 1 i i i 1 i i i 1 i i i 1 i

1949

1951

1953

i i 1 t i »1

1955

U. S. HOUSING STARTS
New Private Nonfarm

THOUSANDS OF UNITS
1800

1 5 0 0

E M

FHA INSURED

Y/A

ALL OTHER

THOUSANDS OF UNITS
1800

GUARANTEED
1500

1200

V/,

900

600

900

600

300

1947

1948

1949

1950

1951
11

1952

1953

1954

1955

U. S. EMPLOYMENT CONDITIONS
EMPLOYEES IN NONAG. ESTABLISHMENTS
MILLIONS OF PERSONS

PER CENT CHANGE

1953 TO 1954

-12 -9 -6 - 3
I T
TOTAL

0 +3

NONAG.

MANUFACTURING
DURABLE
NONDURABLE
NONMANUFACTURING
MINING
CONSTRUCTION
TRANSP. £ PUB. UT.

UNEMPLOYMENT

PER CENT

TRADE
FINANCE £ SERVICE
GOVERNMENT

1948

'49

-12 - 9 - 6

-3

0 +3

EMPLOYEES IN NONAGRICULTURAL ESTABLISHMENTS IN KANSAS
STATE

EMPLOYMENT

STATE AND MAJOR
LABOR MARKET AREAS

TRENDS

THOUSANDS OF PERSONS

450

PER CENT CHANGE 1953 TO 1954
-6
-3
0 +3
TOTAL

N0NA6.

STATE
WICHITA
K.C. KANS.
TOPEKA
H

MANUFACTURING
STATE
WICHITA
K.C. KANS.
TOPEKA
NONMFG.
STATE
WICHITA
K.C. KANS.
TOPEKA

1948

'49

-6

-3

CONSUMER AND WHOLESALE PRICES
INDEX

INDEX

1947-49 = 100

125

I20H

120

I \S\-

WHOLESALE

115

PRICESS<

110

110
105

^-CONSUMER

- J 105

PRICES

100

95
90

in n mi mil i ii nun i ill i in

1947

1949

IIIIIIII

IIIIHHIIIIIIIUMUI.IIIIIII

1951
u

1953

mill i m i l

1955

WHOLESALE PRICES
INDEX

INDEX

1947- 49 = 100

ISO

120

OTHER THAN FOODS
AND FARM PRODUCTS

110

PROCESSED

100

FOODS

J I i i i i i 11 i i i 11 i i i i i l i 11 i i 11 i i i 11 i 111 i I i i i i 1 1 i 11 i i 11 i t i t l i i 11 i11 " " i

1950

1951

1952

1953
15

1954

1955

PRICES RECEIVED AND PAID BY U. S. FARMERS
INDEX

INDEX

1910-14 = 100

360

360
PRICES PAID,
INTEREST, AND TAXES

PRICES RECEIVED
FOR COMMODITIES

•

1910

•

i n 'I ii m il

1951

i n n H I I H I i i i n • u l i i II ii n i i n l i i i i i i ii

1952
16

1953

1954

1955

TRENDS IN OUR EATING HABITS
INDEX

INDEX
160

1 9 0 9 - 1 3 = 100

160

EGGSFRUITS

140

VEGETABLES
120

100

POULTRY,
FISH
80

CEREAL

PRODUCTS

6 0 h

POTATOES

40 I i t i I i i i i I i i i i I i i i i 1 i i i i I i i i i 1i i i i 1 i i i i I i i i i I i i i i I 40
1911
'50
'20
'40
'60
'30

CATTLE AND SHEEP ON FARMS AND PIGS PRODUCED
United States

MILLION HEAD
125

PIGS

MILLION HEAD
125
PRODUCED
100

100

CATTLE
ON FARMS-JANUARY

SHEEP AND L A M B S ^ ^
ON FARMS-JANUARY I

J
1867

_
l X

L
'80

'90

_L
1900

_L
MO
18

'20

*30

'40

'50 '55

LIVESTOCK ON KANSAS FARMS
MILLION

MILLION

HEAD

5
ALL CATTLE $

CALVES^,

Ol_L

1920

MEAT PRODUCTION PER PERSON
United States

POUNDS

200

1200

150

100

BEEF 6 VEAL
LAMB 6 MUTTON

i i i i i

1910

i i

'20
20

ALL PRICES RECEIVED BY FARMERS AND MEAT ANIMAL PRICES
United States
1 9 1 0 - 1 4 = 100

INDEX

460

NOEX

460

MEAT ANIMAL PRICES

380

— 380

300 k

300

220

^ A L L PRICES RECEIVED BY FARMERS

140

1940

60
1945

1950
21

1955

AVERAGE PRICES RECEIVED BY FARMERS FOR MEAT ANIMALS
United btates
CENTS PER POUND

1940

CENTS PER POUND

1950

1945
22

CATTLE PRICES
DOLLARS PER CWT.

WEEKLY

DOLLARS PER CWT.

AVERAGES

SLAUGHTER

STEERS

CHOICE, 9 0 0 - 1 1 0 0 LBS., OMAHA

FEEDER

STEERS

CHOICE, 5 0 0 - 8 0 0 LBS., K.C.

MNPRC £
rllTTCRC
CANNERS
$ CUTTERS
KANSAS
J

' ' ' '_'

CITY

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' • ' • • ' • ' '

1952

' ' ' • •

1954

1953
23

' ' ' ' ' ' ' '' ''
1955

FEED CONCENTRATE SUPPLY
MILLION

MILLION

TONS

FEED

GRAIN

PRODUCTION

OTHER

1937

HEAD

200

'40

GRAINS

FED

WHEAT ACREAGE PLANTED
United States and Kansas
1 9 3 0 - 5 3 = 100

INDEX
160 1

INDEX

160

140

140
KANSAS
120

100

80
UNITED

STATES

60
4nl • •
1930

| 1
.35

i ' l i

•40

'45
25

1 I

'50

1—l

1 1

1 40

'55

WHEAT PRODUCTION
United States and Kansas
1 9 3 0 - 5 3 = 100

INDEX

250

200

200
KANSAS150

100

H 100

UNITED

1930

*35

'40

STATES

(

•45

'50

i—i

I 0

'55

WHEAT CONSUMPTION AND POPULATION
United States
1 9 3 0 - 5 2 = 100

INDEX
1301—

INDEX
1130

120

POPULATION--^

S
110

\ - f

100

WHEAT PROCESSED,FOR FOOD
H90

9or^
PER CAPITA FLOUR CONSUMPTION
80k
70 I L
1930

•J

'35

'45

'40
21

•50

•55

WHEAT EXPORTS AND CARRYOVER
United States
MILLIONS

OF BUSHELS

MILLIONS

OF BUSHELS

1200

1000

800

600

CARRYOVER
400

400

200

H200

J—i—i

1930

'60

TOTAL LOANS AND INVESTMENTS, ALL COMMERCIAL BANKS
AND
BILI .n„ e
DEPOSITS ADJUSTED AND CURRENCY
MILLIONS OF DOLLARS
220

200

BILLIONS

OOLLARS

220

200

DEPOSITS ADJUSTED
AND CURRENCY

180

160

140

—H40

TOTAL LOANS AND
INVESTMENTS
120

120

1001

1946

100
1952

1949
19

1955

AVERAGE DAILY FREE RESERVES, UNITED STATES
(Excess Reserves Minus Borrowings from Reserve Banks)
MILLIONS

OF DOLLARS

1500 |

1000

50 0 h

-500

1000

WEEKLY FIGURES

MILLIONS

OF DOLLARS

1 1500

A IOOO

500

H -500

-1000

MEMBER BANK BORROWINGS FROM RESERVE BANKS
MII i m u « « _
MILLIONS OF DOLLARS
900 I

United States
DAILY AVERAGES BY WEEKS
1
1

MILLIONS OF DOLLARS
1900

600 h

300 h

1953

1954
31

1955

LOANS AND DEPOSITS
Kansas Country Banks and All Member Banks, United States
DECEMBER 1946 = 100

INDEX

INDEX
350

350

250

KANSAS COUNTRY BANKS — - ^

250

UNITED STATES

150

****** V

50
1946

^
UNITED STATES
KANSAS COUNTRY BANKS

1952

1949
32

1955

LOANS AND DEPOSITS
INDEX

3501

Kansas Reserve City Banks and All Member Banks, United States
DECEMBER 1946 = 100

INOEX

350

LOANS

250
KANSAS

RESERVE

UNITED

CITY

250
BANKS'

STATES

150

DEPOSITS
KANSAS RESERVE CITY BANKS
ED STATES

50
1946

J.
1949

1952
33

1955

TOTAL INVESTMENTS OF KANSAS RESERVE CITY
AND COUNTRY MEMBER BANKS
MILLIONS OF DOLLARS
5 0 0

MILLIONS OF DOLLARS

1 500

400

COUNTRY MEMBER BANKS

400 br

300

300
RESERVE CITY BANKS

200

100
1947

100

L
1949

1951

1953

1955

YIELDS ON SELECTED U. S. GOVERNMENT SECURITIES
£ E [? C E N T
3.5 I

FULLY TAXABLE
1

ISSUES; MONTHLY AVERAGES
1
1
1

PER CENT
1 3.5

3.0
2.5
2.0
1.5
1.0
^CHANGE IN ISSUES INCLUDED
1

' ' ' ' ' ' 'I' ' ' ' ' ' ''

1950

1951

' ' "!''

' ' ' ' ' ' 1 1 1 i l i i 11 i i i i i 11 i l i t i i i i i i 11 i i l l i i 11 i i • 1 1 1

,952

1953
35

1954

1955

EXTENSIONS AND REPAYMENTS OF CONSUMER
INSTALMENT CREDIT, UNITED STATES
BILLIONS
OF DOLLARS
3 I

ADJUSTED FOR SEASONAL VARIATION
AND DIFFERENCES IN TRADING DAYS
"

BILLIONS
OF DOLLARS
1

1 3

EXTENDED
•
REPAID
•» »-•

TOTAL
Zh

AUTOMOBILE PAPER

1946

1949

1952
36

1955

TOTAL MORTGAGE DEBT OUTSTANDING
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

125

100 h"

—MOO

50
MORTGAGES ON
TO 4-FAMILY HOUSES
'

1940

1945

1950
37

1955

STATE AND MUNICIPAL SECURITY ISSUES

1946

'47

MATURITY STRUCTURE OF MARKETABLE
U. S. GOVERNMENT SECURITIES
PER CENT

100

1946

Per Cent of Total (Cumulative)

1949

1952
39

PER

CENT

100

1955

Full text of Committee on the History of the Federal Reserve System : Material : Kansas City Bank (1954-1956), Entry 168, Box 4, Folder 6

FRASER